Archive for April 9th, 2010

IRS will not attack you – we promise

Friday, April 9th, 2010

The IRS is telling everyone that will listen that the health care reform law does not allow them to do anything like lock people up or seize their property over the mandate to buy health insurance. In a recent statement from IRS Commissioner Douglas Shulman he claimed agents may target taxpayers refunds in order to collect fines from those who do not buy health coverage. The simple language of the law requires almost everyone in the United States to buy health insurance starting in 2014, tax-collecting agents are faced with the enormous task of enforcing the new mandate. The Pandora’s Box that is opened is what happens to taxpayers who do not get refunds, or taxpayers whose fines would be more than their refunds? This is going to leverage more power to the IRS to claim these funds using tools they never had before. The IRS already has the power to garner wages could this be a way for immediate collection. The numbers are in the law all U.S. citizens and legal residents who do not buy health insurance would have to pay a fine of $95 in 2014, $325 in 2015, and $695 by 2016. The 2016 game changer is that if the fine is less than 2.5 percent of their taxable household income, then you must pay the 2.5 percent rate. That means if you make $100,000 and do not have health insurance your fine is $2,500.

http://tea512.sunpride2000.com/2010/04/08/irs-will-not-attack-you-we-promise/