Less than two-hours ago, I submitted a revised W-4 form to our payroll department. My goal is to avoid being in a position where at the end of next year I am owed a refund from the federal government. As an act of civil disobedience, I am refusing to purchase health insurance. This means that I am subject to a tax/fine of 1% of my income (2% the following year, 2.5% thereafter). But the beautiful thing is that unless I am owed a tax refund, the government will never get any of that money.
My decision to not purchase health insurance is a decision a lot of people -- possibly millions -- are going to make, either out of protest, or once the ObamaCare site is up and running and they finally get a look at the increased cost of their monthly premiums under the Orwellian-named Affordable Care Act. Purely by coincidence, during his radio show today, Rush Limbaugh went into great detail about all of this:
Anyway, [my accountant] said to me that, according to the law, the only way that the government can collect the fine or penalty for you not buying insurance is if you are owed a tax refund. If you do not owe a tax refund, they cannot go into your bank account or anywhere else and get that money. Now, the sad thing is that most people file their taxes to get a refund 'cause they think they're screwing the government, and they're not. …
Therefore, the only way that they can collect the penalty or the fine is by taking money from your refund. If you are not owed a refund, they cannot get money from you. They can't issue a lien. They can't garnish your wages. They can't use any of the normal procedures available to them if you owe them money, even though the Supreme Court has said it's a tax. So for those of us -- I mean, folks, I'm in fat city. I'm in fat city because I always structure to where I owe money. Well, not entirely. There have been years. But if you structure your taxes so that you do not get a refund, you do not have to buy insurance and you do not have to pay a fine 'cause they can't collect it from you if you don't have a refund due.
And that is just another nail in the coffin of Obamacare imploding on itself.
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8 comments:
It doesn't matter, you will simply have a federal tax levy put against you, your bank accounts will be frozen and seized. Don't be stupid.
this is not entirely true.
they can freeze your bank account until you pay
they take you to court and then put a lien on your paycheck
they also assess penalties and interest
If you don't believe the government will raid your bank account or garnish your wages, where have you been for the last 6 years?? We're in the modern day Nazi Germany, I'm sure Obama already has some sort of collection task force ready to kick your door in at 2 a.m. for $250 for the rebellious peasants who don't pay. Let's get this revolution started already!!
How are you going to pay for medical care without insurance? You better be Romney rich if plan on that.
10:19 stupid much? Take it elsewhere.
You got an answer 10:43?
Guess wrong, and you owe penalties for under paying your taxes!
If a CPA will put their name on this as true, I will contact them about doing my taxes in January.
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