Message Font: Serif | Sans-Serif
No. of Recommendations: 2
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."

Rule Your Retirement Home Fool
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.