Monday, August 31, 2009

Fear the IRS now? Just wait for 'improved' IRS

From WSJ: "Tax Penalties and the Health-Care Bill; Under the House legislation, taxpayers will be fined for honest mistakes"

"Two tax provisions in the health-care bill voted on by the House Ways and Means Committee earlier this summer have gained significant attention. One would impose a surtax on high-income earners. The other would force individuals (or their employers) who do not have approved health-insurance plans to pay a tax penalty. But there are other "revenue provisions" in the bill that also deserve a close look.

"One would change the law to mandate that the Internal Revenue Service slap penalties on honest but errant taxpayers..."

Its worth reading the disturbing rest: http://online.wsj.com/article/SB10001424052970203550604574358882642883214.html

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