I know that it seems impossible that someone would make taxes more complicated, but according to one expert that is exactly what is about to happen.
The Washington Examiner reported on what H&R Block CEO William Cobb said about the coming tax season:
“As expected, the forms are very detailed and can present significant complexity, depending on a filer’s coverage status during the year, income level, and household composition,” Cobb said. “Depending on their situation, there are instances where filers may need to file multiple new tax forms and complete additional worksheets.”
Starting with next year’s tax season, individuals who do not have health insurance that meets federal requirements will be subject to penalties. But there are various categories of individuals who could be exempted.
“Depending on the type of exemption, the process to claim it could be quite cumbersome and time consuming,” Cobb said.
Cobb said people who are used to filing the pared down 1040-EZ will no longer be able to do so if they received any subsidies.
Sounds like fun!
But it gets worse. This also might be the time when the White House’s false promises of subsidies catch up with many Americans. It seems that many people are going to have to “pay back” the government for getting subsidies they weren’t really entitled to.
In addition, many taxpayers who received subsidies to purchase health insurance through Obamacare could be forced to repay the federal government if, due to a miscalculation of their income, they received larger subsidies then they were entitled to under the law.
So, courtesy of our government, we are getting bigger headaches and, possibly, fines on top of our tax bill.
Think back on how Barack Obama and many others acted as if it was obvious that the government could make healthcare simpler and less expensive. How did anyone who knows anything about the DMV or the Post Office make himself believe that impossible lie?
Yet somehow, many decided that it must be possible. They wanted to dream rather than face reality. The rude awakening is coming.