Can IRS Collect Obamacare Taxes When It Can’t Handle Tax Complaints? – Yahoo News
That announcement followed by a week a report from the Congressional Budget Office lowering its five-year cost estimates. More from Bloomberg.com: A Vaccine Mystery Hits Older Americans Obamacare has been criticized by Republicans as costly and unsustainable. Now, four years after its arrival, the law’s mandated program cuts and the medical practices it encourages — limiting unneeded procedures, and keeping people out of the hospital longer — are cited by economists as key ingredients in trimming the nation’s medical bill. While the recession has had an influence on the cost slowdown, it doesn’t explain it all, according to policy analysts and the CBO. “When the CBO goes back and revises their baseline, historically they’ve adjusted upwards,” said Tricia Neuman, director of the Kaiser Family Foundation’s Program on Medicare Policy. “So the fact that there’s been year-after-year downward adjustments is fairly remarkable since they occurred after the ACA” was signed into law. More from Bloomberg.com: ‘Worst Case’ BP Ruling on Gulf Spill Means Billions More in Penalties While total health spending will still rise over the long run, the slower-than-expected growth predicted within the next five years has “sharply improved the nation’s fiscal outlook,” Jason Furman, chairman of the Council of Economic Advisers, wrote on the White House blog. GDP Effect National health-care expenditures will be 18 percent of the gross domestic product in 2019, according to the CMS report.
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Obamacare’s ‘silver’ lining: Key plans prices fall
By Brianna Ehley 2 hours ago 0 shares View photos Can IRS Collect Obamacare Taxes When It Cant Handle Tax Complaints? The Internal Revenue Service is on the hot seat again as federal auditors blast the agency for not responding to taxpayer complaints in a timely manner. The latest report from the Treasury Inspector General for Tax Administration (TIGTA) reveals that between 2012 and 2013, the IRS failed to address at least 47 percent of complaints filed against tax preparers. The report also said that another 49 percent of the complaints sat unaddressed for at least two months. Related: How the IRS is Botching Obamacare Tax Collection This is significant auditors said because the burden on taxpayers can include receiving an incorrect refund amount or even owing the IRS penalties and interest. Theres even more at stake than delays in handling complaints. This is the second scathing report in less than a month to question the agencys productivity and work quality. In August, the Treasury Inspector General for Tax Administration said the IRS was struggling to collect a new tax thats critical to financing the presidents health care law; auditors say the IRSs flawed collecting process is allowing it to raise only three-quarters or so of the revenue that was originally expected. The IRS had originally estimated that the tax would bring in about $1.2 billion in the second and third quarters of 2013 but its only received $913.4 million.
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Read More Obamacare, economy boost health spending “If early trends hold and average premiums for the benchmark silver plans decline across the country, the federal government could end up paying out less than expected in tax credit subsidies overall for 2015,” Kaiser said in a summary of the report. “Lower benchmark silver plan premiums would mean savings for taxpayers.” Read More Medicaid ‘expanding’ profits for health systems The health-care exchange plans’ metal namesbronze, silver, gold and platinumreflect both their relative prices and how much health expenses they cover.
Hospitals Medicaid dichotomy
Robert Laszewski, Health Policy & Strategy Associates, discusses the expansion of Medicaid eligibility under Obamacare.
Bronze plans, which cover about 60 percent of an enrollee’s health expenses on average, are generally the least-expensive ones sold through the health-care marketplace. Silver plans, which cover about 70 percent of health expenses, are the second-least expensive. The vast majority of the 8 million enrollees on the exchanges bought either a bronze or silver plans this year: 65 percent opted for silver and 20 percent chose bronze. Monthly silver premiums for a 40-year-old nonsmoker making $30,000/year before tax credit State 3.3% Source: Kaiser Family Foundation Kaiser’s analysis compared the prices of the benchmark plans for this year to the prices of those plans for 2015. In some cases, the benchmark for 2015 is a different plan than for 2014 because of price changes by insurers.
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