Obamacare Tax to hit 6 Million - Mostly Middle Class

September 19, 2012

Six million Americans will pay the health care tax rather than obtain coverage under President Obama's health care law, according to a new Congressional Budget Office estimate Wednesday - a 50 percent increase over CBO's estimate of just two years ago.

CBO also said there will be 30 million people without insurance, though all but the 6 million will be exempt from the tax. The exempt residents are a combination of illegal immigrants and those with incomes too low to pay income taxes.

The agency said the government will collect about $7 billion from the tax in 2016, and $8 billion a year thereafter.

The projections apply to 2016, the point at which most of President Obama's health care law will be implemented and the penalty for failing to buy coverage will have risen to its full amount of $695 per person or 2.5 percent of household income, whichever is greater.

The agency gave several reasons for revising its projections. For one thing, Congress has passed legislation requiring Americans to pay back more health insurance subsidies if they're overpaid, making buying coverage less attractive.

FINISH


blog comments powered by Disqus

'A weak America invites chaos': Governor Jindal calls out Obama

September 02, 2014  07:58 PM

"Peace through strength is not a slogan."

Fundraising pages for Officer Darren Wilson suspended after pulling in $400,000

September 02, 2014  07:36 PM

Tax issues are reportedly to blame.

Former CIA operative tells CNN that ISIS cells are already here in the US

September 02, 2014  06:45 PM

@redsteeze Take me with you. I've had enough.— Kimberly Cross (@KCross211) September 02, 2014 Former CIA operative Bob Baer told CNN’s Jake Tapper today that ISIS cells already exist in the United States and are capable of striking. Fmr. CIA operative: ISIS cells are here in the U.S., and they’re capable of striking cnn.it/1pFJyUJ #TheLead— […]

Tammy Bruce sums up Obama's leadership in one picture [pic]

September 02, 2014  05:30 PM

"The alpha dog never, ever leads from behind."

Islamist militia has pool party at US embassy, John Kerry kiteboards on Nantucket

September 02, 2014  05:15 PM

He works hard, he plays hard.

FSM Archives

More in Homeland ( 1 OF 25 ARTICLES )