Wednesday, November 20, 2013

Guest Post: Affordable Spouse Act

Affordable Spouse Act

Good news for folks without spouses and those that would like to have a more affordable one.

Buried in the Affordable Care Act is a subchapter titled "Affordable Spouses"

This part of the law was to be kept under wraps until after the mid-term election in 2014 but it came to light when Senate Majority Leader Harry Reid called for legislation or a Presidential Executive Order that would exempt members of the US Senate and US House from many of the mandatory parts of this legislation including the voiding of all existing prenuptial agreements and the fair distribution of marital assets clause.

The plan will roll out on November 5, 2014, the day after the election and the website will be available for everyone to hook up with their new government assigned spouse. The time period of November 5, 2014 until December 31, 2014 will be reserved for singles to marry and be afforded the opportunity to file a joint tax return for the 2014 calendar year. All adults regardless of income will be required to file a tax return for 2014 and after. Anyone filing as single must include the $1,000 single penalty along with any other taxes due.

All individuals married prior to November 5, 2014 will have until the April 15, 2015 tax filing deadline to dissolve their old marriage and until July 1, 2015 to find their new spouse on Muslims will be exempt on religious grounds from the mandatory same sex marriage requirement. Beginning in 2015 all marriages will automatically terminate on their anniversary dates however an automatic extension for not more than 60 days may be received by filing the appropriate forms and accompanied by the appropriate fee if the extra time is needed for marital asset distribution.

The primary mandate for is to match up the top 1% holders of net worth with the bottom 1% holders of net worth and so on until the medium net worth is achieved for their one year marital contract. Negative net worth's will be taken into account for the lower net worth percentiles. 

IRS is adding over a million new agents to assist taxpayers in complying with the fair distribution of marital assets portion of the Affordable Spouse Act on the annual termination of each marriage. In addition to the $1,000 single penalty for unmarried taxpayers they will be subject to an annual tax of 40% of their net worth as an additional "unmarried penalty" instead of the expected 50-50 annual distribution of marital assets between spouses.


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