The following is a guest post by Carter Smith from PrivateQuote.com.
To paraphrase Shakespeare, a tax by any other name would still smell as vile. But the Obamacare tax, otherwise known as the “individual mandate,” may be an exception. While I am not suggesting that you avoid the tax, it is clear that many people intend to do just that. A recent Gallup poll found that 34% of Americans intend to thumb their noses come tax time instead of holding them.
This article will provide facts (not rumors) about what the mandate is, how much it can cost you, how the IRS may or may not enforce it, and how to protect yourself should you choose not to comply.
How the Mandate Works and What It Could Cost You
Make no mistake, the individual mandate is a tax disguised as a penalty. The Supreme Court said as much when it ruled the mandate constitutional. It is designed to force reluctant taxpayers to purchase health insurance through the problem-plagued exchanges if they are not covered by their employers.