Did the government realize the tax implications of Obamacare?

[NLXSK1]

There are a few issues that have struck me as not being discussed yet which are going to fundamentally change some significant tax issues under Obamacare.

First, at this time, if you do not pay the penalty for insurance the government simply takes it out of your return. How many times are people going to get a short tax refund before they figure out they can make more deductions and owe the government money at the end of the year rather than having to pay the fine? I predict within 5 years that most people will owe the government money at the end of the year (including the Obamacare fine) and they may not even be able to pay what is due. This is going to create a real issue for the revenue office and the income stream. It is going to alter that considerably with much less coming in.

Second, how much more fraud do you think this is going to cause? Having the subsidies tied to your income and 400% of poverty level is going to put an increased pressure on people to lie about their income to gain subsidies or decrease the penalties they have to pay at the end of the year. Combine this with what you have above and the government is going to have to hire a lot more IRS agents (maybe that is why they are in the legislation).

 

[Ringsixty]

American'a should take the clue from Star Wars.



"It's a TRAP"

 

[nitro harley]

There are a few issues that have struck me as not being discussed yet which are going to fundamentally change some significant tax issues under Obamacare.

First, at this time, if you do not pay the penalty for insurance the government simply takes it out of your return. How many times are people going to get a short tax refund before they figure out they can make more deductions and owe the government money at the end of the year rather than having to pay the fine? I predict within 5 years that most people will owe the government money at the end of the year (including the Obamacare fine) and they may not even be able to pay what is due. This is going to create a real issue for the revenue office and the income stream. It is going to alter that considerably with much less coming in.

Second, how much more fraud do you think this is going to cause? Having the subsidies tied to your income and 400% of poverty level is going to put an increased pressure on people to lie about their income to gain subsidies or decrease the penalties they have to pay at the end of the year. Combine this with what you have above and the government is going to have to hire a lot more IRS agents (maybe that is why they are in the legislation).

That might work for one year, but the next year you will owe more including the back fines and penalties and interest. I pay quarterly tax's right now and then at tax time I owe what ever the final number is and that would include the fine for no health care if I didn't have coverage..I would not want to owe the government money past the due date, they have really high interest rates...Death and tax's are the two things that never go away...

 

[Rob Roy]

There are a few issues that have struck me as not being discussed yet which are going to fundamentally change some significant tax issues under Obamacare.

First, at this time, if you do not pay the penalty for insurance the government simply takes it out of your return. How many times are people going to get a short tax refund before they figure out they can make more deductions and owe the government money at the end of the year rather than having to pay the fine? I predict within 5 years that most people will owe the government money at the end of the year (including the Obamacare fine) and they may not even be able to pay what is due. This is going to create a real issue for the revenue office and the income stream. It is going to alter that considerably with much less coming in.

Second, how much more fraud do you think this is going to cause? Having the subsidies tied to your income and 400% of poverty level is going to put an increased pressure on people to lie about their income to gain subsidies or decrease the penalties they have to pay at the end of the year. Combine this with what you have above and the government is going to have to hire a lot more IRS agents (maybe that is why they are in the legislation).

The only fraud going on is when other people that you don't want to associate with, give you a bill for services you don't want and didn't use.

 

[NLXSK1]

That might work for one year, but the next year you will owe more including the back fines and penalties and interest. I pay quarterly tax's right now and then at tax time I owe what ever the final number is and that would include the fine for no health care if I didn't have coverage..I would not want to owe the government money past the due date, they have really high interest rates...Death and tax's are the two things that never go away...

I think you misunderstood me.

Lets take Joe the fry guy at the local McDonalds. Now, Joe does not take enough deductions to have to pay anything at the end of the year. in fact, Joe usually gets about $300 bucks back which he like many Americans views as a christmas gift from the government.

Now, Joe only works part time so he isnt covered under the company insurance and thus is required to get his own or pay a fine. So, 2014 rolls by and Joe files his taxes as usual but when he gets his refund check it is $200.00 instead of $300. Now, that $100 bucks means alot to Joe and so he complains about it to his co-workers. They tell Joe just to change his deductions on his W2 and so he does and starts getting 40 bucks more a month in pay.

When the next tax season rolls around Joe owes 200 bucks and an additional 200 bucks for Obamacare fines. He only sends in the $200 he owes (or he doesnt send it in at all). The next year he owes $400 or more in fines to Obamacare so he sure is not going to ever go back to getting a refund because he will never see it....

Most people look at a refund as free money. If they start seeing the government taking some or all of that free money they will take action to keep it... And I think it will affect the government revenue stream moving forward...

 

[nitro harley]

BarryO was counting on Joe to back him up, but instead of saving 2500.00 on health care he ended up with a new bill to pay.. Joe wasn't listening when he voted and now it is time to pay the piper...Joe will have an opportunity to vote again next November and at that time he can put his boot in there ass...If there is a D by there name they will get my boot in there ass and that is a fact...

 

[ChesusRice]

BarryO was counting on Joe to back him up, but instead of saving 2500.00 on health care he ended up with a new bill to pay.. Joe wasn't listening when he voted and now it is time to pay the piper...Joe will have an opportunity to vote again next November and at that time he can put his boot in there ass...If there is a D by there name they will get my boot in there ass and that is a fact...

Joe got a better deal on his insurance and will be voting Straight democratic ticket next year

 

[nitro harley]

Joe got a better deal on his insurance and will be voting Straight democratic ticket next year

What if Joe didn't have insurance? now it is just another bill at the end of the month no matter how good of deal he is going to get...Now I got a good deal but I have something to compare it to, and Joe might not. It could just be another Bill to pay with money he may not have. That is one thing BarryO and the Dems pet project didn't figure out and that was to look into how much money people have in there savings, and the amount of debt they have and see if everybody had the extra money to get health care...I got a good deal at 493.00 per month and that is down from 580.00, but some people might think that is a lot....In Oregon if joe makes less that 9500.00 he will be golden and more than likely hang with the Dems. We will see what happens..

 

[ChesusRice]

What if Joe didn't have insurance? now it is just another bill at the end of the month no matter how good of deal he is going to get...Now I got a good deal but I have something to compare it to, and Joe might not. It could just be another Bill to pay with money he may not have. That is one thing BarryO and the Dems pet project didn't figure out and that was to look into how much money people have in there savings, and the amount of debt they have and see if everybody had the extra money to get health care...I got a good deal at 493.00 per month and that is down from 580.00, but some people might think that is a lot....In Oregon if joe makes less that 9500.00 he will be golden and more than likely hang with the Dems. We will see what happens..

So what's your problem with Obamacare again?

 

[Rob Roy]

Joe got a better deal on his insurance and will be voting Straight democratic ticket next year

Yes, but Joe's friend across the street at Wendy's has a shitty cleanup job.

 

[nitro harley]

So what's your problem with Obamacare again?

It worked good for me, I am not where the problem is because I can pay..I was talking about Joe and maybe he can't pay and then he might vote with his pocket book and put his boot up some Dems ass... Dems= party of the boot in the ass..or you could think of the Donkey with a boot in the ass..Come to think of it some Donkeys are called ass's....

 

[ChesusRice]

It worked good for me, I am not where the problem is because I can pay..I was talking about Joe and maybe he can't pay and then he might vote with his pocket book and put his boot up some Dems ass... Dems= party of the boot in the ass..or you could think of the Donkey with a boot in the ass..Come to think of it some Donkeys are called ass's....

maybe if Joe kept off the crack and hookers he would have some money left over to buy insurance for his oncoming syphilis infection

 

[UncleBuck]

I think you misunderstood me.

Lets take Joe the fry guy at the local McDonalds. Now, Joe does not take enough deductions to have to pay anything at the end of the year. in fact, Joe usually gets about $300 bucks back which he like many Americans views as a christmas gift from the government.

Now, Joe only works part time so he isnt covered under the company insurance and thus is required to get his own or pay a fine. So, 2014 rolls by and Joe files his taxes as usual but when he gets his refund check it is $200.00 instead of $300. Now, that $100 bucks means alot to Joe and so he complains about it to his co-workers. They tell Joe just to change his deductions on his W2 and so he does and starts getting 40 bucks more a month in pay.

When the next tax season rolls around Joe owes 200 bucks and an additional 200 bucks for Obamacare fines. He only sends in the $200 he owes (or he doesnt send it in at all). The next year he owes $400 or more in fines to Obamacare so he sure is not going to ever go back to getting a refund because he will never see it....

Most people look at a refund as free money. If they start seeing the government taking some or all of that free money they will take action to keep it... And I think it will affect the government revenue stream moving forward...

joe works less than 30 hours a week at a minimum wage, fast food gig?

he is making less than 138% poverty and gets free health care through medicaid ($8/hr x 30 hours = $240/week x 50 weeks = $12,000).

you typed out such a long analysis, only to have it destroyed in less than 30 words by yours truly.

you must feel really stupid right now.

 

[UncleBuck]

BarryO was counting on Joe to back him up, but instead of saving 2500.00 on health care he ended up with a new bill to pay.. Joe wasn't listening when he voted...

you are the very definition of a low information voter.

didn't even bother to check the details of the shitty analysis before opening your mouth to remove all doubt.

do you know what the sports team here in san jose is? the sharks.

do with that what you will.

 

[Dr Kynes]

joe works less than 30 hours a week at a minimum wage, fast food gig?

he is making less than 138% poverty and gets free health care through medicaid ($8/hr x 30 hours = $240/week x 50 weeks = $12,000).

you typed out such a long analysis, only to have it destroyed in less than 30 words by yours truly.

you must feel really stupid right now.

your asumption is that he will qualify for the indigent care system in his state. this is NOT always so.

i like the mythical Joe, work part time, and just make enough to scrape by. my employer gives me no medical plan, i do not qualify for indigent care, and cannot afford the new O-care bill, or the O-care penaltax.

you assume that the "poverty line" means ANYTHING it is an arbitrary number as a national average, yet cost of living in many places makes the "poverty line" the "living in a cardboard box line".

only your hubris allows you to assume that because O-care doesnt hurt you, everybody must love it.

 

[UncleBuck]

your asumption is that he will qualify for the indigent care system in his state. this is NOT always so.

which is exactly why it is a good idea to expand medicaid to all those making 138% of poverty or less. but keep voting republican and see how that works out for someone like you, who makes about what joe the fry cook does.

i like the mythical Joe, work part time, and just make enough to scrape by. my employer gives me no medical plan, i do not qualify for indigent care, and cannot afford the new O-care bill, or the O-care penaltax.

so let's assume you make just above 138% of poverty, which puts you out of medicaid. what's your health insurance bill at 150% of poverty ($17,235)?

by law, your maximum annual premium may not exceed 4% of your income, which comes out to $689. that's $57 a month.

over 20 years, that comes out to the cost of a trip to the ER and a few nights in the hospital. the rest of us would have to pay that for you otherwise.

did you suddenly get all communist on us? you want us to pay for your inevitable medical bills, commie?

 

[echelon1k1]

joe works less than 30 hours a week at a minimum wage, fast food gig?

he is making less than 138% poverty and gets free health care through medicaid ($8/hr x 30 hours = $240/week x 50 weeks = $12,000).

you typed out such a long analysis, only to have it destroyed in less than 30 words by yours truly.

you must feel really stupid right now.

damn bro, joe makes more than you.... You must be the epitome of worthless.

 

[UncleBuck]

damn bro, joe makes more than you.... You must be the epitome of worthless.

what i do will almost always have worth, unless things go full on apocalyptic dystopia.

 

[echelon1k1]

what i do will almost always have worth, unless things go full on apocalyptic dystopia.

what was that again? keeping in mind you've already used treadmills, retired millionaire, apartment maintenance and peter griffin...

 

[Winter Woman]

maybe if Joe kept off the crack and hookers he would have some money left over to buy insurance for his oncoming syphilis infection

Joe got syphilis because he no longer could afford condoms.