Posted on 01/31/2015 3:59:48 AM PST by Libloather
If You Received a Higher Obamacare Subsidy Than You Were Eligible For, You Don’t Have to Pay It Back This Year
**SNIP**
However, the IRS will waive the 2014 late payment penalty for those who received an excessive premium tax credit. The IRS has now granted these recipients of excessive federal benefits a one-year holiday. Even though they clearly owe the overpayment for 2014, they will effectively not have to, and no doubt won’t, pay the money back because they will not face any penalty if they do not pay it immediately. If the Obama administration delays the payment again, it will ensure that the collection of too-big subsidies will be left to the next president.
The IRS is purporting to do this pursuant to its waiver authority, 26 U.S.C. § 6654(e)(3)(A), to waive penalties for estimated tax underpayment in “unusual circumstances the imposition of such addition to tax would be against equity and good conscience,” and considers non-payment to be “due to reasonable cause” under 26 U.S.C. § 6651(a)(2).
This is the latest of a long string of signs that Obamacare is unworkable. The IRS should be able to recoup money from those who received too large a subsidy for their Obamacare insurance plans. After all, under the law, it was money they were not entitled to. It is not really a tax at all, but a repayment to the government that happens to run through the tax system.
(Excerpt) Read more at dailysignal.com ...
Obama found out his people who owed this were going to have their EITC ‘refunds’ attached to pay the debt (IRS is like a viper - it just can’t help itself) so he’s implemented another illegal action.
And, by ‘illegal’ I mean the US Codes they cite as justification are for individual circumstances as they occur, not a blanket pre-approval.
Doing their best to keep Obamacare from blowing slam blam up while Obozo is in office. Some folks will owe as much as 10-12K .... the screams from those that do owe would add fuel to the fire of Obamacare’s unpopularity. Dems can’t have that with Obama in office and 2016 looming. Repubs are probably happy, too ... keeps them from having to do something significant in the near future.
There are enough pages (and more being added) in TOTALTARIANCARE to shove XXX amount up the rear of every member of CONgre$$ until it comes out the other end and they choke on it. There will be much left over for the USSC also.
Just more laws being written by the king which proves his unconstitutional bent.
How the hell am I supposed to know what laws I can and can’t break?
‘Blast’ from the past:
Are ObamaCare’s Tax Credits Harmless? The Little Understood Dark Side Of The Subsidies
Those subsidies are paid for by we the people in excessive taxation that is taken from us at the threat of force.
Tyranny.
Still be interest
The way I read the IRS notice, is it just waves the penalty for under estimating the tax liability for the year because of excessive ACA subsidies. People would still have to pay back excessive subsidy payments.
You can break them all. Just don’t get caught.
why any such sweeping actions would not require extensive modeling is beyond me.
show 0bamacare working for 4+ generations and then we can talk
I suspect that repayments will be due in full soon after the 2016 election.
You know, Obama and his minions don’t have a clue what they are doing!!!
Another 14th amendment violation.
What about filers who have to pay back other subsidies? Why don’t they get waivers?
Equal protection under the law? Not with il Douche.
It looked to me like the tax payer would have to setup a repayment plan if they can’t reconcile it at tax filing. Just the penalty is waived. I guess we will have to wait and see how this story develops.
The Obama administration has found another way to hand out “free money”.
This time they claim it is because they are incompetent.
Thankful everyday we wake up and read stuff like this.
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