Article

2013-12-21 Government

Obama To You: Plead to me for an Obamacare "hardship exemption"

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Posted by Guillibaldo McCoy1948 2013-12-21 00:00|| || Front Page|| [4 views ] Top

Posted by Besoeker 2013-12-21 01:13|| 2013-12-21 01:13|| Front Page Top

#2 For those who believe Obamacare is NOT a tax.

The other new tax, known as the Unearned Income Medicare Contributions tax, extends the 3.8% Medicare tax beyond wages and earnings to include investment income. In this case, the IRS will look at all of your income and determine how much of it pushed your income above the $200,000 limit for singles or the $250,000 limit for joint filers. To the extent that investment income reaches above those limits, you'll have to pay the new 3.8% tax on that amount. For instance, if you're single and had income of $205,000, $15,000 of which came from investment income, then you'd pay the new investment-income tax on the $5,000 that pushed your income beyond the $200,000 limit.

"Investment income" ..... as in 401k's and IRA's, that would be money you've already paid taxes on, but that doesn't matter to the redistribution crowd.

Years ago, only the wealthy paid income taxes. But then somehow over time, everyone became wealthy. Strange how that works.

Posted by Besoeker 2013-12-21 01:39|| 2013-12-21 01:39|| Front Page Top

#3 Clarification to above: 401k's and IRA's currently taxed upon withdrawal. Other investment income would be factored in either as capital gains or regular income. Currently, the hardest hit are/would be small businesses.

With the IRS keeping the books, I'd be very, very careful in claiming a so-called "hardship exemption." Even after death, a previous catastrophic healthcare expense could come back to haunt your survivors and estate.

Posted by Besoeker 2013-12-21 02:09|| 2013-12-21 02:09|| Front Page Top

#4 Well, if it is a 'Roberts' tax, when did the executive get the power to make such a broad exemption by fiat for 'select' people to avoid paying? /rhet question

Posted by P2kontheroad 2013-12-21 09:14|| 2013-12-21 09:14|| Front Page Top

#5 Crap, looks like a high tide advisory is going to ruin the ol vacay. Le sigh.

Posted by swksvolFF 2013-12-21 13:37|| 2013-12-21 13:37|| Front Page Top

#6 It's turned into a workaround for the constitutional ban on bills of attainder.

Posted by Thing From Snowy Mountain 2013-12-21 16:52|| 2013-12-21 16:52|| Front Page Top

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