Wehrwolfen
Banned
- Joined
- May 11, 2013
- Messages
- 2,329
- Reaction score
- 402
- Gender
- Male
- Political Leaning
- Conservative
By Sen. Orrin Hatch
06/15/2013
The Internal Revenue Service has never been an agency much loved by the American people. With the IRS's targeting of conservative groups, its already bad reputation has now sunk to a new low.
But the scandal raises a critical question: If the IRS can't manage an increase of 1,700 applications for tax-exempt status that the agency said spurred its targeting of conservative groups, how will the IRS handle its massive new role in implementing ObamaCare?
Under the Affordable Care Act, premium subsidies—tax credits in ObamaCare designed to defray the cost of purchasing health insurance—will go to some seven million tax filers and flow to households earning as much as $94,000 a year. The credits are both advanceable and refundable, meaning the IRS will pay them first and verify the claims for them later, what some call "pay and chase."
Refundable tax credits are essentially a form of spending through the tax code, something the IRS has struggled to administer for years with other programs. That's why it's not far-fetched to say that these premium credits will go to a lot of people inappropriately, and that we can expect to see a lot of erroneous and fraudulent payments.
[Excerpt]
Read more:
Orrin Hatch: Think the IRS Is Bad Now? Just Wait. - WSJ.com
Just another fundamental transformation of America into a Soviet Style Socialist State.
06/15/2013
The Internal Revenue Service has never been an agency much loved by the American people. With the IRS's targeting of conservative groups, its already bad reputation has now sunk to a new low.
But the scandal raises a critical question: If the IRS can't manage an increase of 1,700 applications for tax-exempt status that the agency said spurred its targeting of conservative groups, how will the IRS handle its massive new role in implementing ObamaCare?
Under the Affordable Care Act, premium subsidies—tax credits in ObamaCare designed to defray the cost of purchasing health insurance—will go to some seven million tax filers and flow to households earning as much as $94,000 a year. The credits are both advanceable and refundable, meaning the IRS will pay them first and verify the claims for them later, what some call "pay and chase."
Refundable tax credits are essentially a form of spending through the tax code, something the IRS has struggled to administer for years with other programs. That's why it's not far-fetched to say that these premium credits will go to a lot of people inappropriately, and that we can expect to see a lot of erroneous and fraudulent payments.
[Excerpt]
Read more:
Orrin Hatch: Think the IRS Is Bad Now? Just Wait. - WSJ.com
Just another fundamental transformation of America into a Soviet Style Socialist State.
