Code Red
About
WyBlog, the best thing about New Jersey since the invention of the 24 hour diner.
Chris Wysocki
Caldwell, NJ
The nine most terrifying words in the English language are "I'm from the government and I'm here to help." - Ronald Reagan
Subscribe
Recent Posts
Recent Comments (RSS)
Twitter Feed
Blogroll
Links
Linkiest
CH 2.0 Info Center
The Jersey Report
Labor Union Report
Memeorandum
Net Right Nation
The Patriot Post Newsletter
Pajamas Media
PJTV
Victor Davis Hanson
J! E! T! S! Jets! Jets! Jets!
OpenVMS.org Portal
AVS Forum
NJ.com Caldwell Forum
The Caldwells Patch
The Jersey Tomato Press
![[socia.list]](http://wyblog.us/images/socia_list-1-200x75.jpg)
Badges
Link to me
Feedjit
Search WyBlog
The Party of "No"
Fair Use Notice
"This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. It is being made available in an effort to advance the understanding of environmental, political, human rights, economic, democracy, scientific, social issues, etc. It is believed that this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit for research and educational purposes."
Hey! I've moved to He's Pretty Fly For A Jersey Guy.
Please update your bookmarks. Thanks!
Tuesday, 03 February 2015
Obama rewrites the law again, IRS waives Obamacare subsidy clawback penalties
What do you do when you realize that millions of low-information voters are going to get hosed by your signature piece of legislation? Well, if you're Barack Obama, you unilaterally decide not to enforce the inconvenient provisions of that law.
So it should come as no surprise that the IRS has "clarified" how they'll recapture excess Obamacare subsidies come April 15th. They won't. Not right away anyway.
If you got health insurance subsidies last year, and you're worried that you got too much in federal tax credits and will be faced with a huge tax bill for repayment, then you can worry a little less: The IRS says that people who are liable for repayment ("clawback") of excess subsidies won't have to pay by April 15.
It's not relieving you of the obligation to repay; it's just saying that you won't be liable for a penalty if you don't repay by the deadline. Interest will continue to accrue, but the interest rates that the IRS charges are actually pretty reasonable (and probably much better than what your credit card company charges). It's the failure-to-pay penalties it layers on top -- half a percentage point a month, with even stiffer penalties for failing to file -- that really make your tax bill add up fast.
Well, isn't that special? Pay your taxes whenever you feel like it! That is, if you're somebody the Democrats are counting on to help put Hillary Clinton in the White House.
As the saying goes, Obama's got more nerve than cheap veal cutlet. This is,
what, the 914th time he's decided he can just ignore the law whenever it
turns out to be politically embarrassing? Underpayment penalties are fine
and dandy when they're incurred by regular schmoes like me. But folks who
bought into the Hope and Change? They gotta be given special dispensations!
They can't feel the pain of their own electoral dysfunction. They might,
gasp!, vote Republican!
Posted at 13:10 by Chris Wysocki
[/obamacare]
Comments | Perm Link |
Technorati Tags:
IRS
Obamacare
subsidy
clawback
tax-penalty
|
Tweet
| Previous: Make up your minds: Andrew Cuomo will tax you if you DO have health insurance | Next: Because Tom Wheeler wasn't smarter than Steve Case, Obama will tax and destroy the internet |
| Main | |