For the first time in U.S. history, a tax is set to be imposed when not purchasing anything. Under the new health care law, people who do not purchase health insurance will be forced to pay penalty fees. These same fees were referred to as a “tax” by the Supreme Court on Thursday, forever changing the history of modern taxes in this country.
Opponents of the tax law are calling foul on the penalty and say it is merely a forced tax increase, something the bill’s sponsors vehemently deny. The fact remains, that there are many instances in which you get a tax break for buying something, but this is the first time in American history that you will pay higher taxes for failing to buy a product.
For help with your tax questions, contact the experienced McAllen CPAs at Gonzalez and Arrambide, Inc. at 956-447-9009.