Author Topic: Next Big Obamacare Shock May Come at Tax Time  (Read 398 times)

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Offline AbaraXas

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Next Big Obamacare Shock May Come at Tax Time
« on: December 28, 2013, 09:12:36 PM »
Quote
People who use subsidies to help pay for their Obamacare policies may get a nasty shock at tax time, when the Internal Revenue Service could hit them with a big demand to repay the money.

While it's in the law, it's still likely to make plenty of Obamacare subscribers angry at the IRS.

"If I were the IRS, I would be very concerned that I’m going to be viewed as the villain when people have to pay back money the government gave them for health insurance,” says Chris Condeluci, who served as Senate Finance Committee GOP tax counsel when Obamacare was being drafted.

According to the tax code, insurance buyers must be sure to alert insurance exchanges to life changes that affect their incomes through the year, reports Politico.

Read Latest Breaking News from Newsmax.com http://www.newsmax.com/Newsfront/irs-obamacare-repay-subsidies/2013/12/28/id/544170#ixzz2opGxWqbW
Urgent: Should Obamacare Be Repealed? Vote Here Now!



Offline Oceander

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Re: Next Big Obamacare Shock May Come at Tax Time
« Reply #1 on: December 28, 2013, 09:39:59 PM »
Quote
People who use subsidies to help pay for their Obamacare policies may get a nasty shock at tax time, when the Internal Revenue Service could hit them with a big demand to repay the money.

While it's in the law, it's still likely to make plenty of Obamacare subscribers angry at the IRS.

"If I were the IRS, I would be very concerned that I’m going to be viewed as the villain when people have to pay back money the government gave them for health insurance,” says Chris Condeluci, who served as Senate Finance Committee GOP tax counsel when Obamacare was being drafted.

According to the tax code, insurance buyers must be sure to alert insurance exchanges to life changes that affect their incomes through the year, reports Politico.

Read Latest Breaking News from Newsmax.com http://www.newsmax.com/Newsfront/irs-obamacare-repay-subsidies/2013/12/28/id/544170#ixzz2opGxWqbW
Urgent: Should Obamacare Be Repealed? Vote Here Now!



That is going to be a devastating kick in the crotch to anyone who's been long-term unemployed and has the great good fortune of getting a well-paying job during the year.  Instead of being able to focus on using the new income to shore up the family finances and pay down debts that have accumulated during the period of unemployment, that person is now going to have to pay back Uncle Sugar first.

Offline Relic

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Re: Next Big Obamacare Shock May Come at Tax Time
« Reply #2 on: December 29, 2013, 12:38:37 AM »


That is going to be a devastating kick in the crotch to anyone who's been long-term unemployed and has the great good fortune of getting a well-paying job during the year.  Instead of being able to focus on using the new income to shore up the family finances and pay down debts that have accumulated during the period of unemployment, that person is now going to have to pay back Uncle Sugar first.

Good. It seems those are the kinds of lessons required to make Americans take notice.

Offline Oceander

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Re: Next Big Obamacare Shock May Come at Tax Time
« Reply #3 on: December 29, 2013, 12:43:40 AM »
Good. It seems those are the kinds of lessons required to make Americans take notice.

Unfortunately that seems to be the case.


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