* The big tax news
this week - Eric Reed explains “What Obamacare Supreme Court Decision Means for Consumers” at THE STREET –
“The lawsuit focused on specific language
from the Affordable Care Act's Definitions section, which says that subsidies
shall be made available to individuals who enroll in exchanges “established by
the state.” Under the plaintiff’s plain-meaning argument, this word choice should
preclude subsidies for anyone except those enrolled on state-based insurance
exchanges, specifically the federal exchange Healthcare.gov.
The Court rejected this
interpretation, along with the plaintiff’s argument that this language was
built into the law intentionally to coerce states into setting up their own
exchanges at the risk of losing access to federal subsidies.”
The piece also
explains –
“Today’s ruling for the government will leave
the system more or less in place, allowing subsidies to continue uninterrupted
for enrollees on the federal exchange.”
While I support this
SCOTUS decision, the law that is Obamacare is such a mucking fess that it truly
needs to be drastically revised and rewritten.
If it is, I hope this time the idiots in Congress will actually read it.
* William Perez
covers the issue of the “Premium Assistance Tax Credit”, and the Court
decision, in detail at ABOUT.COM.
* Fellow tax pros –
Have you reviewed, and commented on, my discussion of the proposed “Tax
Practitioners Bill of Rights” at THE TAX PROFESSIONAL yet? And have you checked out the MAILBAG Page
lately?
* Check out my
article “Claiming Dependents: What Happens When Your Kids Fly the Coop?” at HOW
MONEY WALKS.
* So long, farewell,
auf wiedersehen, good night. Another
blog bites the dust. I say good-bye to BOB’S BABBLINGS, but not without providing the answer to my Trivia Challenge.
* MARKET WATCH
provides a slide show of “The 10 Most Tax-Friendly States for Retirees”.
My current home
state of Pennsylvania is #10. I doubt I
would want to live in any of the other 9 (except maybe New Hampshire). Nevada is #1 on the list (enjoy visiting every
4 or 5 years, but wouldn’t want to live there).
* Now here’s an
appropriate item for a BUZZ post (as Joe Kristan has suggested) – William Perez
gives “Tax Advice for Cannabis Entrepreneurs” at ABOUT.COM
* Don‘t know what
to get your child as a graduation present.
Here’s an idea from Beverly DeVeny of THE SLOTT REPORT – “Give the Graduate a Gift of a Roth IRA”.
Of course the
graduate must have earned income - and at least $5,500 to make the maximum
contribution.
* And the beat goes
on. Jason Dinesen gives us “Part 11: Meet the ‘Single Penalty’” in his series on “Marriage in the Tax Code” at
DINESEN TAX TIMES.
If you ask me there should be neither a Single Penalty or a Marriage Penalty in the Tax Code!
* The IRS posts a “Last-Minute Reminder: Report Certain Foreign Bank and Financial Accounts to Treasury byJune 30".
* In case you were
wondering, “Yes, Your 529 Plan will Affect Financial Aid”. So says Kathryn Flynn at SAVING FOR COLLEGE.
* I can’t believe that anyone
takes self-important fool Donald Trump seriously. But it seem that he will be included in the first Republican debate! I guess they figured the debate needed some comic relief.
THE FINAL WORD –
I recently saw an
excellent production of DAMN YANKEES at the Forestburgh Playhouse in (where
else?) Forestburgh NY.
The number that
opens the second act, THE GAME, could only be sung in the context of the
1950s. Individual members of the
Washington Senators sing about how they fought temptation – women, liquor, etc -
because they “thought about the game”.
Do any of today’s players actually think about the game? Doing so certainly has not helped them fight
off temptation? Basically they just
think about themselves, as do most professional team athletes today.
The concept of a
player selling his soul to the devil, however, would certainly play today.
TTFN
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