The Trump Administration is moving forward. President Trump has issued a number of Executive Orders that protect the American people in more ways than one.
As the Congress slows and stalls in repealing Obamacare, a recent Trump Executive Order has lead the IRS to state they will not enforce a key part of the health care law.
“The health law’s individual mandate requires everyone to either maintain qualifying health coverage or pay a tax penalty, known as a “shared responsibility payment.” The IRS was set to require filers to indicate whether they had maintained coverage in 2016 or paid the penalty by filling out line 61 on their form 1040s. Alternatively, they could claim exemption from the mandate by filing a form 8965.
For most filers, filling out line 61 would be mandatory. The IRS would not accept 1040s unless the coverage box was checked, or the shared responsibility payment noted, or the exemption form included. Otherwise they would be labeled “silent returns” and rejected.
Instead, however, filling out that line will be optional.”
This would be a huge monkey off the back of many Americans. This is something that could be another nail in the coffin of the Affordable Care Act. Now Americans will not be extorted for over $1000 in many cases, for not having health insurance that meets the minimum standards of the law.
Now if only Congress could get their act together and just repeal the whole law. Then folks wont have to fear the IRS on this matter at all.
The venerable New York Times newspaper is now on record, from within their own pages of accusing Donald Trump of something outrageous in their eyes.
The NY Times actually accused The Donald of FOLLOWING the law. Not trying to break it, get around it, go under it, go over it or smash it. The Times is saying that Donald Trump used the rules in place at the time Trump filed his taxes in order to keep from paying millions in Federal Income Taxes.
But newly obtained documents show that in the early 1990s, as he scrambled to stave off financial ruin, Mr. Trump avoided reporting hundreds of millions of dollars in taxable income by using a tax avoidance maneuver so legally dubious his own lawyers advised him that the Internal Revenue Service would most likely declare it improper if he were audited.
The problem however, is if one legally uses the tax code to keep from paying taxes then its not avoidance. And we also know that Trump is constantly under IRS audit so therefore if an audit was done, it was deemed by the IRS that Mr. Trump did everything he was legally able to do.
So the NY Times admits that Trump as well as many Americans, use the tax code to legally limit their Federal Income Tax burden even if it means that burden is legally driven down to zero.