Skip to comments.The ObamaCare tax credit trap (Despite promise, Obama raised taxes on the Middle-Class)
Posted on 04/03/2013 3:32:29 AM PDT by tobyhill
Then-House Speaker Nancy Pelosi encouraged us to pass ObamaCare to find out what was in it. Heres the latest grisly surprise, courtesy of the Associated Press:
Millions of people who take advantage of government subsidies to help buy health insurance next year could get stung by surprise tax bills if they dont accurately project their income.
President Barack Obamas new health care law will offer subsidies to help people buy private health insurance on state-based exchanges, if they dont already get coverage through their employers. The subsidies are based on income. The lower your income, the bigger the subsidy.
But the government doesnt know how much money youre going to make next year. And when you apply for the subsidy, this fall, it wont even know how much youre making this year. So, unless you tell the government otherwise, it will rely on the best information it has: your 2012 tax return, filed this spring.
What happens if you or your spouse gets a raise and your family income goes up in 2014? You could end up with a bigger subsidy than you are entitled to. If that happens, the law says you have to pay back at least part of the money when you file your tax return in the spring of 2015. That could result in smaller tax refunds or surprise tax bills for millions of middle-income families.
Funny, I seem to recall Barack Obama swearing that hed never raise taxes on the Sainted Middle Class. Just wait until they get their surprise tax bills in 2015! Im sure everyone will have a good laugh about the whole crazy situation.
(Excerpt) Read more at redstate.com ...
“What happens if you or your spouse gets a raise and your family income goes up in 2014”
It seems to me that this is just another reason obama is giving people NOT to work.
We had virtually no business this year so we won’t have to worry about ‘making too much’.
Pelosi/Obama. In other words, criminals. The looting/subjugation by socialism continues. The machinations of marxists. The democrat party is a crime syndicate.
Does this sound familiar....?
First we will make the revolution, and then we will find out what for. - Tom Hayden 1968
Ominous Parallels; pg. 282; Leonard Peikoff
“Socialism Is Legal Plunder” - The Law; Bastiat
“Everything about socialism is sham and affectation.” - 23.11 Ch23. Evil; Economic Harmonies; Bastiat
I had been putting off filing my taxes this year because I thought I was going to get hammered. We make over 140k between us, about 10% more then last year, yet when I did my taxes I only had to pay about 800 bucks?? a good bit less then last year? For once I was pleasantly surprised.
Anyone else have a similar experience? We didnt have any drastic changes except our income went up a little bit since last year...
What happens if you or your spouse
gets a raise lose their job and your family income goes up down in 2014?
He also effectively raised taxes on the lower class, too. Many have had their hours cut because of O'care. A stealth tax hike on the poor; and he can always blame the Rebubs.
You are still enjoying the Bush tax cuts for everybody but you would need enormous deductions to experience a total tax burden of $800.
Is $800 the total tax you paid?
Did you include taxes withheld during the year?
Did you include the payroll taxes you paid?
Perhaps you meant your taxes were $800 more than last year.
yes 800 is what i paid out of pocket in addition to withholding... we clain Married w Zero.. I am just surprised that it went down, I think last year we had to pay an additional 1600 or so, maybe 18 cant remember.
I thought for sure since our income went up we would get screwed...
You need to compare the figure on line 61 of your 1040 (total tax) with the previous year total tax. You can’t just compare “what I paid additional”.
You also should compare line 43 (taxable income)to compare the difference between what you “made” from year to year. Maybe the difference in taxable income isn’t as much as you think due to adjustments or deductions
Compare lines 72 (total payments). Maybe more was withheld in this year than you think, which left you with less “additional paid”.
I can understand the reasoning for some of it, but for most, I do not understand.
Oh well, I am enslaved to the gubermint and they are squeezing all the blood out of this turnip that they can.
Meanwhile, I know several people living high off the dole (unemployement/disability), not working (they could) and not even bothering to look. I guess we are equal now.
i was pleasently surprised, our deductions etc stayed pretty much the same, all we have is the mortgage, and what we give to the church which is basically the same...
Wednesday, April 03, 2013
German family faces deportation over homeschooling choice
PAEONIAN SPRINGS, VA - Three years ago, a German family sought asylum in America, claiming they were being denied religious freedoms in their home country because they taught their children at home. The Obama Administration decided the Romeikes should return to Germany and face possible fines, prison time and loss of their children’s custody. Their case will soon be heard in the 6th U.S. Circuit Court of Appeals. Wednesday, the Washington Times wrote an editorial in support of the family:
Good for you though...
No prob, for once I was relatively happy at tax time. Considering we made more and are now considered RICH...
We are rich with each other and our kids. But money wise ?? I have to laugh. ok -- we aren't on food stamps or welfare, but we do struggle sometimes.
I guess my thoughts of the RICH are those who do not have to struggle and can take multiple vacations. Vacation ?? What is that ? Hubby works 60 hrs/week and I work about the same. Right now we are happy to have jobs and a vacation (even a small one) is a luxury we cannot afford.
I guess that means we must be rich and should be happy to give to those who choose NOT TO WORK
Oh my, I'm on a rant again, aren't I ?? Just with tax day around the corner and writing a big check (doesn't include all the money paid in over the year) -- kinda makes me wonder why we bother working.
lol... I know, i only work 40 but wife has to work about 50 :( but we do travel a good bit. Working for an airline helps... but we sure as heck arent “rich”, but overall we are better off right now then ever before. Kinda strange really. I went through a round of layoffs in the mid 90s, but fine since 97.
So yes, one could say we are better off now -- that's true.
I guess the thing that irks me though is how zero thinks that is it ok for us to bust out butts working, but we're "rich", so tax us more to give to those that won't work. I understand the true unemployed -- hubby was one, I'm talking about the "willingly unemployed".
Seriously (LOL), I have to stop thinking that way and just be grateful we have jobs and a roof over our heads.
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