#1 IRS could tap refunds for health insurance penalties04-06-2010, 12:47 PM
Stevie Wonder could have seen this one coming...
(Reuters) - The Internal Revenue Service could tap individual tax returns to collect fines against people who fail to buy health insurance as required under recently enacted healthcare legislation, the U.S. tax commissioner said on Monday.
Most individuals are required to get health insurance under the new law, or face penalties that would be phased in over time. By 2016, people without coverage could see fines of 2 percent of their income.
Subsidies would help poorer people buy coverage, and states would set up exchanges to allow individuals and small groups shop for insurance.
People who do not comply would be levied penalties, and if they don't pay them the penalties could be taken out of their tax refunds.
"There has been some insinuation about how we are going to approach our job," IRS Commissioner Douglas Shulman said after speaking at the National Press Club.
Under the new law, the IRS cannot seize assets or levy fines, so Shulman said refunds were the most obvious option to collect penalties.
The new law aims to expand coverage to about 32 million uninsured Americans.
Please don't shoot me
04-06-2010, 03:35 PM
- Join Date
- May 2008
The S.C. in all likelyhood will throw out the provision that everyone has to purchase health insurance. If they do not, the government can force us to buy or sell anything.
04-06-2010, 07:20 PM
Well if a new tax is introduced, unless you qualify for some credit, of course it's going to come out of your refund because your refund is the money leftover after paying your taxes.
New tax = smaller refund.
04-06-2010, 07:35 PM
No Free Lunch.At least once every human should have to run for his life, to teach him that milk does not come from supermarkets, that safety does not come from policemen, that news is not something that happens to other people. ~ Robert Heinlein
You Say The Battle Is Over
04-06-2010, 08:33 PM
Last edited by Articulate_Ape; 04-06-2010 at 08:49 PM."The efforts of the government alone will never be enough. In the end the people must choose and the people must help themselves" ~ JFK; from his famous inauguration speech (What Democrats sounded like before today's neo-Liberals hijacked that party)
- Join Date
- May 2008
- Sonora, Texas
"The efforts of the government alone will never be enough. In the end the people must choose and the people must help themselves" ~ JFK; from his famous inauguration speech (What Democrats sounded like before today's neo-Liberals hijacked that party)
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