Soon, millions of Americans will be participating in the headache-inducing tax season. The serfs will file their tax returns and either hand over more of their hard-earned money to the United States government or they will be given back some of the money they were forced to hand over in the first place.
One of the biggest factors to the tax code and tax filings this year is the Affordable Care Act (ACA), otherwise euphemistically known as Obamacare. The complex law, which most lawmakers didn’t even read a few years ago, will bear a tremendous burden on taxpayers, but also be a boon for the accountants and tax companies.
H&R Block, which will surely receive an uptick in business this year, warned in a statement that “no one can understand” Obamacare and its effects on the tax code. The multi-national corporation released a video last month discussing the healthcare reform law and plainly made the omission.
Although it’s a clever marketing scheme, there is a lot more to the advertising phrase because this is the biggest change to the tax code in more than two decades, and since politicians didn’t even bother to read it in 2010 because it was so big and intricate, how can the government expect the taxpayers to really acknowledge these massive adjustments?
According to various research studies, the demographic that will be the hardest hit will be the low-income earners. “Low income filers are not used to itemizing and it will be a big challenge for them,” former IRS Commissioner Mark W. Everson said in an interview with the Daily Caller. “You’re introducing a whole new level of complexity.”
He added that Obamacare will initiate a “shock to the system.”
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