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

10 year FSM Anniversary

'Justice can't wait': Demonstrators tell de Blasio what he can do with his request to suspend protests

December 22, 2014  09:11 PM

"Did the NYPD take a day to honor Eric Garner?"

Ismaaiyl Brinsley executed two cops — naturally the NRA is to blame

December 22, 2014  07:29 PM

"Did he get the gun legally?"

'Give it a rest, hon': Debbie Wasserman Schultz jazzed about Dems' 'holiday backup' talking points

December 22, 2014  07:02 PM

Another holiday season means another chance to set Republican Uncle Fred straight.

'Are you going to keep dividing us?' Mayor de Blasio scolds media for enabling conflict

December 22, 2014  05:48 PM

Has the mayor looked in a mirror lately?

'You have lost your mind'! Donna Brazile captures her own flaming hackery in a single tweet

December 22, 2014  05:07 PM

"You first, Donna. You. First."

FSM Archives

More in Homeland ( 1 OF 25 ARTICLES )