Individual Mandate Penalty Amounts to a Tax (and more...)
Chris Conover wrote an article for Forbes, detailing recent IRS releases which demonstrated that the Obamacare individual mandate non-compliance penalty amounts to a tax.
We’ve actually known for some time that the individual mandate is a tax, for reasons laid out by Americans for Tax Reform:
The individual mandate surtax was written into tax law itself by the Obamacare structure.
The surtax is collected by, and enforced by, the IRS.
Revenues derived from the individual mandate surtax have always been scored by the Congressional Budget Office as tax revenue.
Chief Justice John Roberts pointed out that the individual mandate surtax is in fact a tax.
MoneyNews’s Dan Weil wrote an article regarding the necessity of corporate tax reform.
Obama has received some fierce criticism for mounting a charge against tax inversions rather than fighting for corporate tax reform.
Grover Norquist, president of Americans for Tax Reform, strongly disagrees with Obama’s strategy. “It’s the president’s fault that he has done nothing in five years to reduce corporate rates, which he said he was going to do,” Norquist tells CNBC.