Should Millionaires Get Obamacare Tax Credits?

The Dailysignal reports that financial advisors are helping their millionaire clients receive Obamacare tax credits.

How can this happen?

It has to do with eligibility requirements based on income, not assets. The report describes the law as an “income-related welfare benefit.” If the millionaires are receiving taxable income lower than the maximum allowed, then what they are doing is perfectly legal. Even if they have substantial assets.

I don’t think this is quite what the law intended, do you? I mean, wasn’t the law supposed to help poor people? Read the rest of the article and tell me what you think. To get the discussion started, I’ll put some of my points on the table now.

Here’s my two cents:

I think Obamacare should be repealed. The government has no business in the health insurance marketplace. Insurance is not an entitlement.

Nothing wrong with being a millionaire. In our great country, everyone has the chance to be one.

Also nothing wrong with rich people taking advantage of laws designed to help poor people. Their advisers would be remiss if they didn’t tell clients to do so.

Should rich people refrain from applying for tax credits they don’t really need? That is an individual decision. I personally think rich people get gauged enough by an onerous tax system that nobody could blame them for taking advantage of every little break.

Maybe the government should stop passing laws that favor one part of the population over another. Creates nothing but class competition.

Please feel free to comment, or to contact me directly with a specific question.

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