I will be submitting a new W-4 form to my employer. At the end of next year I will not be owed a tax refund from the federal government. As a patriotic act of disobedience, I am proudly refusing to purchase any health insurance. This would mean that I will be subject to a fine of 1% of my total income (2% the following year, 2.5% thereafter). The awesome thing about that is unless you are due a tax refund, the government will never see a dime of that money. My choice to not buy health insurance is a choice many people are going to make, either to protest, or once the ObamaCare website is properly up and running and they get a glimpse at the increased cost of the monthly premiums under the Affordable Care Act. During his radio show recently, Rush Limbaugh went into 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.
Posted on: Sun, 27 Oct 2013 21:08:43 +0000
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