During a conversation with HuffPost Live’s Alyona Minkovski about his new book iCompete, Liberty Tax Service CEO John Hewitt shared what he sees as a problematic tension point concerning Obamacare, which he said caused “a collision of insurance and income tax.” Hewitt doesn’t support the Affordable Care Act, but it’s been a boon for his business. He explained:
I’m not in favor of socialized medicine, so I’m not in favor of Obamacare. But it’s the best thing that’s happened to this industry in 26 years. It’s the biggest tax change, and every person that’s impacted — whether you pay your insurance or you don’t pay — you’re required to report that on your tax return, and you have a complex calculation. If you paid your insurance, you get a credit, and that’s calculated over 12 months and you have to do each month. And if you haven’t paid, you pay a penalty, and that’s a complicated issue. It’s going to force more people to assisted preparers, away from doing [taxes] yourself, and we charge based on complexity. So I’m torn. I don’t think it’s good for America, but for our business it’s phenomenal.
Watch John Hewitt discuss Obamacare and income tax in the video above, and click here for his full HuffPost Live conversation.
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Source: Huff Post