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Financial Planning / Tax Strategies
|Subject: Re: FairTax||Date: 9/28/2012 3:22 PM|
|Author: TMFPMarti||Number: 116707 of 121219|
We will have to pay a tax if we don't purchase health care.
Oh, but it isn't a tax, its a penalty (or some other fuzzy psuedo legal concept.)
I think you have it backwards. IIRC Congress didn't want to call it a tax, so they called it a penalty, which they probably didn't have the authority to impose. The Chief Justice saved it by calling it a tax, which they had authority to impose. And if the Supremes say it's a tax, it's a tax until they say otherwise.
I was amused by all the ya-ya over Romney's comment that corporations are people. While he was speaking about a broader construct, I was reflecting on the Internal Revenue Code's definition of "person." It includes corporations (IRC 7701(a)(1)). When the Code is talking about what normal people call people it calls them "individuals."
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