An excerpt--->a comment 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 theyre screwing the government, and theyre 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 cant issue a lien. They cant garnish your wages. They cant use any of the normal procedures available to them if you owe them money, even though the Supreme Court has said its a tax. So for those of us -- I mean, folks, Im in fat city. Im 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 cant collect it from you if you dont have a refund due.
Posted on: Thu, 24 Oct 2013 21:22:54 +0000
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