Business

Did Drudge Lie? OR Does The White House NOT Understand Business Tax

This all began when Matt Drudge tweeted, “Just paid the Obamacare penalty for not ‘getting covered’… I’M CALLING IT A LIBERTY TAX.”

The White House, responded that was a “Flat lie, no fee for previous year,” adding, “Scary how much influence he once had.”

The White House response to Drudge set off a firestorm in the liberal media, with many mainstream media and left-wing reporters countering him on Twitter and in their own articles to claim he does not have to pay Obamacare’s Individual Mandate tax until next year. The individual mandate went into effect Jan. 1 of this year, and most people paying their taxes right now are paying taxes for 2013.

Drudge tweeted. “Not for small businesses that file Qtr estimates. We’re there NOW, baby #pay.

Looks like the liberals and White House need a tax 101 class?

“Dude, there’s no penalty until next yr,” Sahil Kapur of the leftwing Talking Points Memo.

Even more people calling him a liar.

“Americans don’t pay a penalty for not having health insurance until they file their 2014 taxes — in 2015,” Scott wrote. “So either Drudge is lying or he paid a huge penalty a year earlier than he needed to.”

“Penalty isn’t collected until 2015,” Sam Baker of National Journal tweeted at Drudge.

However, watch the video if you are a liberal or from the White House, it’s basic tax 101 for those in business.

Drudge indicated in his followup tweets that since he is self-employed as the proprietor of The Drudge Report, he files as a small business. According to the IRS’s website for self-employed individuals, they are required to pay taxes quarterly.

“As a self-employed individual, generally you are required to file an annual return and pay estimated tax quarterly,” the IRS website reads.

So, when they file and pay those 2014 first quarter taxes, such individuals have to pay the Obamacare Individual Mandate tax if they opted to not have health insurance—like Drudge just did.

Additionally, the IRS form (1040-ES) for estimating quarterly taxes specifically recommends adding the mandate penalty to line 12 for “other taxes” — to pay before the first quarterly deadline of April 15.

 

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