Forbes: How to avoid paying for Obamacare (tax avoidance tip)

[mota bhai 2,675]

No insurance? No money? No want ObamaCare? No worries. You too can game ObamaCare’s mandate to buy health insurance. It’s easy, and it may even be in your financial self-interest.

ObamaCare requires nearly every American to have health coverage. Those who don’t have employer-provided coverage, or participate in a government-run program such as Medicare or Medicaid, will have to enroll in one of the new health insurance exchanges if they want to get ObamaCare-qualified coverage along with the federal subsidies to help pay for it. Those who choose to remain uninsured will be slapped with a penalty.

For individuals the penalty starts at the greater of $95 or 1 percent of income in 2014, rising to $695 or 2.5 percent of income by 2016 ... The legislation’s drafters made it very easy to avoid the penalty.

...

Under the law, the Internal Revenue Service is the penalty-collection agency, but its options are limited. The IRS’s only collection authority is to take the money from a worker’s federal withholding tax.

...

If an uninsured worker only withholds enough to meet his tax obligation, the IRS cannot collect the ObamaCare penalty because there is no withholding money available.

Thus the uninsured, as well as those who buy non-qualified health coverage (i.e., coverage that doesn’t meet ObamaCare requirements), can avoid paying any penalty simply by closely managing their withholding contributions.

Once people find out just how expensive ObamaCare coverage will be, even with the federal subsidies, being uninsured may seem like a reasonable option.

...

ObamaCare is not an “Obamaphone” where lots of people get something free. The newly insured may be forced to spend thousands of dollars out of their own pockets. Once people realize they can game the ObamaCare penalty by (1) remaining uninsured, (2) withholding only what they need to pay their taxes, and (3) signing up for ObamaCare (during “open season”) if they need coverage, it’s possible millions will consider being uninsured or buying a limited, non-qualified health policy a good bet.

...

While tax evasion is against the law, tax avoidance is an American hobby. And ObamaCare provides an easy and effective way to avoid the uninsured tax (aka, the penalty). Millions of Americans may find that doing so is in their financial self-interest.

http://www.forbes.com/sites/merrillmatthews/2013/08/19/gaming-obamacares-health-insurance-mandate-for-fun-and-profit/

[Jacque67 7,328]

This violates TOS

[mota bhai 2,675]

This violates TOS

Tax avoidance is legal. Tax evasion is not.

[Jacque67 7,328]

Tax avoidance is legal. Tax evasion is not.

Good luck with the IRS

[mota bhai 2,675]

Good luck with the IRS

You have no idea what the difference between avoidance and evasion is, do you?

[Jacque67 7,328]

You have no idea what the difference between avoidance and evasion is, do you?

Didn't you notice Carlos checking this thread earlier? Whatever. I am safe.

[Teddy B 17,251]

...

Under the law, the Internal Revenue Service is the penalty-collection agency, but its options are limited. The IRS’s only collection authority is to take the money from a worker’s federal withholding tax.

...

If an uninsured worker only withholds enough to meet his tax obligation, the IRS cannot collect the ObamaCare penalty because there is no withholding money available.

Thus the uninsured, as well as those who buy non-qualified health coverage (i.e., coverage that doesn’t meet ObamaCare requirements), can avoid paying any penalty simply by closely managing their withholding contributions.

Can't the IRS garnish a persons wages to collect the payments just like they would back taxes?

[mota bhai 2,675]

Can't the IRS garnish a persons wages to collect the payments just like they would back taxes?

PPACA does not authorize them to do so.

[Jacque67 7,328]

PPACA does not authorize them to do so.

Dream on!

[mota bhai 2,675]

Dream on!

?

[Teddy B 17,251]

Dream on!

?

You've been Jacqued!

AJ, were you on a voluntary vacation or a forced leave of absense?

[mota bhai 2,675]

You've been Jacqued!

AJ, were you on a voluntary vacation or a forced leave of absense?

Voluntary.

[Teddy B 17,251]

Voluntary.

You missed a lot of good stuff on guns.

[mota bhai 2,675]

Ha.

[Teddy B 17,251]

la