McConnell: Americans Are About To Get Whacked By Obamacare Taxes
Many Americans are about to endure Obamacare’s trillion-dollar tax increases, Senate Majority Leader Mitch McConnell warned Tuesday.
“If you have health insurance, Obamacare has a tax for that,” he said on the Senate floor. “If you don’t have health insurance, Obamacare has a tax for that too. And whether government bureaucrats deem your coverage generous or not generous enough, Obamacare has a tax for you.”
“Many fall on the shoulders of the middle class, and there’s more to the issue too, because Obamacares does what many thought impossible,” he added. “It makes a mind numbingly complex tax code even more so.”
Individuals who did not have qualifying insurance for every month of 2014 will have to pay a penalty. Others will owe the IRS huge sums of money because the government gave them advanced subsidies for which they didn’t actually qualify.
Estimates show the federal government paid up to $4.7 billion to taxpayers whose actual income this tax season will disqualify them for the payments. Forty percent of low-income Obamacare participants will owe the IRS money — a family of four could owe up to $11,200 — researchers found in 2013. (RELATED: Tax Day Shocker: Obamacare ‘Clawback’ To Hit Some Subsidy Recipients With Huge Tax Bill)
“It’s a stressful time of year, but thanks to Obamacare, many are sure to find it even more stressful,” McConnell said.
“The truth is, Obamacare is a law that just keeps on giving.”
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