Jan. 20, 2015

Who Can Fathom the Depths of ObamaCare Tax Filing?

Perhaps H&R Block is just calling it as it is, or perhaps it’s getting an early start on advertising for business, but the nation’s largest tax preparation service is warning people that ObamaCare has made the already complex tax code incomprehensible. “Now that the Affordable Care Act has made health care a tax issue, no one can understand it,” H&R Block says in a video on its specially dedicated ObamaCare web page. ObamaCare rules that take effect for this tax filing season amount to “the biggest tax code change in the last 20 years.” Now that individuals have been enrolled in ObamaCare for the first time, subsidies – based on income – play a role in tax filing. Some estimates put the number of people who will be forced to repay those subsidies at over three million. Other taxpayers will receive smaller refunds after their penalty tax is confiscated. According to The Daily Caller, “Penalties for non-compliance with Obamacare have tripled since 2013, from $95 to an average of $301.” In short, it’s going to be a painful tax season, because, if you like your refund, you can’t have all of it. More…

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