tax

Obamacare tax surprise: Millions of Americans could owe government more than they think

Tuesday, April 23, 2013 by: Ethan A. Huff, staff writer
Tags: Bbamacare, health care, higher taxes

eTrust Pro Certified

Most Viewed Articles
Popular on Facebook
Malaysia Airlines Flight 370 now clearly a government cover-up: All evidence contradicts official story
White House admits staging fake vaccination operation to gather DNA from the public
10 other companies that use the same Subway yoga mat chemical in their buns
High-dose vitamin C injections shown to annihilate cancer
Irrefutable proof we are all being sprayed with poison: 571 tons of toxic lead 'chemtrailed' into America's skies every year
EXCLUSIVE: Natural News tests flu vaccine for heavy metals, finds 25,000 times higher mercury level than EPA limit for water
Truvia sweetener a powerful pesticide; scientists shocked as fruit flies die in less than a week from eating GMO-derived erythritol
Senator who attacked Doctor Oz over dietary supplements received over $146,000 in campaign contributions from Big Pharma mega-retailer and Monsanto
Global warming data FAKED by government to fit climate change fictions
U.S. treating meat with ammonia, bleach and antibiotics to kill the '24-hour sickness'
Ben and Jerry's switches to non-GMO, Fair Trade ice cream ingredients
Battle for humanity nearly lost: global food supply deliberately engineered to end life, not nourish it
Diet soda, aspartame linked to premature deaths in women
Elliot Rodger, like nearly all young killers, was taking psychiatric drugs (Xanax)
Cannabis kicks Lyme disease to the curb
Harvard research links fluoridated water to ADHD, mental disorders
Right to farm being stripped from Americans: Michigan to criminalize small family farms with chickens, goats, honey bees and more
Monsanto's seed imperialism halted in Canada thanks to massive protests
Delicious
(NaturalNews) This fall, millions of already cash-strapped Americans will apply for taxpayer-funded government subsidies to help pay for their mandatory Obamacare coverage, which is set to begin next year. But according to new reports, individuals who incorrectly predict their future income on the subsidy forms, or who end up having lower income in 2012 than in 2013, will end up having to pay back some or all of the subsidy money back to the government, which could come as a major surprise for many people.

As reported by CBS News, October 1 marks the first day that Americans will be able to apply for federal government subsidies to purchase health care from private health insurance exchanges, which will reportedly be set up on a customized, state-by-state basis. But because the federal government has no idea how much income applying individuals will have next year, it can only go by this year's income levels, which could be higher or lower than next year depending on each individual's situation.

In other words, when next year's tax season approaches, individuals who made more in 2013 than they did in 2012, and who qualified for health care subsidies, will have to pay a portion of those subsidies back to the government. But the vast majority of American taxpayers have no idea that this is the case, and will be unpleasantly surprised when, on top of having to purchase government health care, they learn that they owe even more money back to the federal government for the ridiculous program.

"I think this will be the hardest thing for members of the public to understand because it is a novel aspect of this tax credit," says Catherine Livingston, who recently worked as a health care counsel for the Internal Revenue Service (IRS), about the new system. "I can't think of what else they do in the tax system currently that works that way."

If you take the bait, prepare to pay the price

What this means is that taxpayers will have to very accurately predict their future income on this year's tax return, otherwise face penalties next year. You can think of it as a type of preemptive government handout that precipitates future liability in the event that income increases, a setup that is sure to cause much grief for individuals already struggling to make ends meet in this ever-floundering economy.

"It's potentially going to come as a shock to individuals who meet that criteria where their income hits a point where they owe money back," says Rep. Charles Boustany (R-La.), chairman of the House Ways and Means oversight committee, as quoted by CBS News. "The fact is, with variations in income, people could end up owing money back and that will create consternation and problems for them."

Adding to the mess is the fact that many states' insurance exchanges are not even going to be ready by October 1, according to the U.S. Department of Homeland Security (DHS). What was originally presented as a viable system for distributing health care equitably is quickly shaping up to become a "third-world experience," according to an Obamacare official in charge of the insurance exchange scheme.

Sources for this article include:

http://washington.cbslocal.com

http://www.naturalnews.com

http://www.naturalnews.com/036361_Obamacare_tax_swindle.html

Join over four million monthly readers. Your privacy is protected. Unsubscribe at any time.
comments powered by Disqus
Take Action: Support NaturalNews.com by linking back to this article from your website

Permalink to this article:

Embed article link: (copy HTML code below):

Reprinting this article:
Non-commercial use OK, cite NaturalNews.com with clickable link.

Follow Natural News on Facebook, Twitter, Google Plus, and Pinterest

Advertise with NaturalNews...

Support NaturalNews Sponsors:

Advertise with NaturalNews...

GET SHOW DETAILS
+ a FREE GIFT

Sign up for the FREE Natural News Email Newsletter

Receive breaking news on GMOs, vaccines, fluoride, radiation protection, natural cures, food safety alerts and interviews with the world's top experts on natural health and more.

Join over 7 million monthly readers of NaturalNews.com, the internet's No. 1 natural health news site. (Source: Alexa.com)

Your email address *

Please enter the code you see above*

No Thanks

Already have it and love it!

Natural News supports and helps fund these organizations:

* Required. Once you click submit, we will send you an email asking you to confirm your free registration. Your privacy is assured and your information is kept confidential. You may unsubscribe at anytime.