Obamacare Taxes in 2015 Might Come as a Shock
Americans who have applied for and received Obamacare health insurance subsidies might be in for a big shock in 2015 when they get their tax bill. In fact, according to testimony supplied to the House Ways and Means subcommittee on Health and Oversight, the 2015 tax season has the potential to be “one of the most chaotic in years.”
The Affordable Care Act is fraught with hidden and additional taxes that are sure to surprise many but a main issue concerns the “advanceable tax credits” that have assisted people in their purchase of healthcare via the Obamacare exchanges. These credits, or subsidies have been issued based upon the applicant’s estimate of what they believe their income will be – income that has not yet been verified by the Internal Revenue Service. They then receive an estimated subsidy to apply to their health insurance premiums. This subsidy is allotted in advance to the health insurance company by the IRS.
The shock value in this policy lies in the possible, if not probable miscalculation of income that could result in families and individuals having to pay back a portion of, or perhaps their entire received subsidy to the IRS. The health insurance companies are not required to refund the money disbursed to them, taxpayers whose income exceeded their estimates thus disqualifying them for the subsidy, are fully on the hook.
Read more at http://guardianlv.com/2014/06/obamacare-taxes-in-2015-might-come-as-a-shock/#aAiy2rwqt65DBexu.99
I would appear that a plan has come together.Steve said:I am not sure if anyone remembers... but the government subsidy.. was effectively a tax credit...
and that might not work out well for the working class..
Obamacare Taxes in 2015 Might Come as a Shock
Americans who have applied for and received Obamacare health insurance subsidies might be in for a big shock in 2015 when they get their tax bill. In fact, according to testimony supplied to the House Ways and Means subcommittee on Health and Oversight, the 2015 tax season has the potential to be “one of the most chaotic in years.”
The Affordable Care Act is fraught with hidden and additional taxes that are sure to surprise many but a main issue concerns the “advanceable tax credits” that have assisted people in their purchase of healthcare via the Obamacare exchanges. These credits, or subsidies have been issued based upon the applicant’s estimate of what they believe their income will be – income that has not yet been verified by the Internal Revenue Service. They then receive an estimated subsidy to apply to their health insurance premiums. This subsidy is allotted in advance to the health insurance company by the IRS.
The shock value in this policy lies in the possible, if not probable miscalculation of income that could result in families and individuals having to pay back a portion of, or perhaps their entire received subsidy to the IRS. The health insurance companies are not required to refund the money disbursed to them, taxpayers whose income exceeded their estimates thus disqualifying them for the subsidy, are fully on the hook.
Read more at http://guardianlv.com/2014/06/obamacare-taxes-in-2015-might-come-as-a-shock/#aAiy2rwqt65DBexu.99
Obama gives it.. the IRS takes it back![]()