How the IRS and Obamacare Are Working Together
The IRS is one of the most powerful governmental agencies in our country. Even CEOs of large corporations and Fortune 500 companies feel small in their presence. So it’s no wonder the average American taxpayer and small business owner fears them. For years the IRS has made people shudder, and now, with Obamacare in place, their reach of power has been extended.
Starting this year, the IRS has access to all of the information provided by individuals who enroll in the Obamacare insurance exchanges. That means everything, from your name to the number of people insured under your name, will be transferred to the IRS for tax purposes, with or without your permission.
While the IRS says this information is used to determine whether or not an individual is eligible for tax credits, can we ever be entirely certain how private information will be used once it has been released?
Many people feel uncomfortable about the idea of transferring private information from one governmental entity to another. Even if you don’t mind the sharing of your vital statistics, the process of transferring that information may open up areas of vulnerability. Whenever data is processed and distributed, the chance of losing data, altering data, or having it stolen increases.
Staying informed of the changes that are happening at the IRS and with other government programs like Obamacare helps you make intelligent decisions. While our government may not leave us a choice at this time, we can remain aware of the process and watch out for possible repercussions.