Then-House Speaker Nancy Pelosi encouraged us to pass ObamaCare to find out what was in it. Here’s the latest grisly surprise, courtesy of the Associated Press:
Millions of people who take advantage of government subsidies to help buy health insurance next year could get stung by surprise tax bills if they don’t accurately project their income.
President Barack Obama’s new health care law will offer subsidies to help people buy private health insurance on state-based exchanges, if they don’t already get coverage through their employers. The subsidies are based on income. The lower your income, the bigger the subsidy.
But the government doesn’t know how much money you’re going to make next year. And when you apply for the subsidy, this fall, it won’t even know how much you’re making this year. So, unless you tell the government otherwise, it will rely on the best information it has: your 2012 tax return, filed this spring.
What happens if you or your spouse gets a raise and your family income goes up in 2014? You could end up with a bigger subsidy than you are entitled to. If that happens, the law says you have to pay back at least part of the money when you file your tax return in the spring of 2015. That could result in smaller tax refunds or surprise tax bills for millions of middle-income families.
Funny, I seem to recall Barack Obama swearing that he’d never raise taxes on the Sainted Middle Class. Just wait until they get their surprise tax bills in 2015! I’m sure everyone will have a good laugh about the whole crazy situation.
(Excerpt) Read more at redstate.com ...
