Please Don't Give Me a Raise....
- Thread starter Yagents
- Start date
- 8,448
I love this quote from the IRS dude in the article...
"I think people will get there," said Livingston, the former IRS official. "They will develop instincts about it the way we all do about any process we go through multiple times. But when it's new, in the early years, this will be a real learning curve."
The LEARNING CURVE will be how to evade, cheat and work around the system of penalties! Heck, he probably meant just that.
"I think people will get there," said Livingston, the former IRS official. "They will develop instincts about it the way we all do about any process we go through multiple times. But when it's new, in the early years, this will be a real learning curve."
The LEARNING CURVE will be how to evade, cheat and work around the system of penalties! Heck, he probably meant just that.
Hold on a second.
The maximum claw back for up to $80k/yr actual income (Family of 4) is capped at $2500.
Say you claimed $30k of income(<133%fpl), and took advantage of the $9.9k/yr subsidy (last CBO estimate I saw for a family subsidy http://www.healthcare.gov/news/reports/premiums01282011a.pdf).
If you legitimately made $80k, you would be eligible for about $3.5k of subsidy. You're still $3900 ahead after paying your $2500 clawback.
Not to mention, could be quite a bit more if you took advantage of cost-sharing subsidies...There will be a huge incentive to grossly underestimate your income. The more you do, the more you gain.
The maximum claw back for up to $80k/yr actual income (Family of 4) is capped at $2500.
Say you claimed $30k of income(<133%fpl), and took advantage of the $9.9k/yr subsidy (last CBO estimate I saw for a family subsidy http://www.healthcare.gov/news/reports/premiums01282011a.pdf).
If you legitimately made $80k, you would be eligible for about $3.5k of subsidy. You're still $3900 ahead after paying your $2500 clawback.
Not to mention, could be quite a bit more if you took advantage of cost-sharing subsidies...There will be a huge incentive to grossly underestimate your income. The more you do, the more you gain.
