Happy Takings Day! Liberals from around the country are popping corks and drinking deep from the challis of ill-gotten gains. To them, happiness is watching their neighbor get shafted by the taxman. You didn’t build that! You didn’t work for that! You didn’t earn that! Your marginal success couldn’t have happened hadn’t you stolen it from a small-fisted progressive!
Some of these teat squawkers are choking on sour grapes. The federal government vineyard isn’t as bountiful, or as generous as once thought. Those who thought Obamacare was such a great deal by forcing others to subsidize their health insurance, are finding out those plans aren’t such a bargain after all.
"I wasn't very happy," said Mike Highsmith, 61, a retired US Airways flight attendant who learned after having his taxes done that he has to pay back every cent of the $6,624 in federal subsidies that helped pay the lion's share of his HealthCare.gov-purchased plan.
"This shocked me ... I didn't know this was coming."
Highsmith was one many Obamacare financial-aid recipients in 2014 who didn't know their plans were being subsidized.
"I was paying $89 per month and they [the federal government] were paying $736," said Highsmith, who only learned about the subsidy and its value when he received a 1095-A form from the IRS this year. He said he wasn't told about the subsidy when he applied for insurance over the HealthCare.gov telephone assistance line.
"I would have canceled it if I had known that," he said, referring to the plan's retail price.
How could he have not known his plan was subsidized? Where can you get an $89 per month health insurance plan in the Age of Obama? Apparently, there a lot of shocked people like this guy.
But about 50 percent of subsidized Obamacare customers will owe money back, which will offset their tax refunds or wipe them out altogether, according to a recent Kaiser Family Foundation report.
The US Treasury Department estimates that most Obamacare customers will still get an income-tax refund, meaning they won't have to cut a check to the IRS for repaid subsidies. A Treasury spokesman said average refund is about $2,900, which would offset any repayment in most cases
Obamacare: Shocking Americans since 2010