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

Hillary Clinton might want to take a look at this crowd for Bernie Sanders in Wisconsin

July 01, 2015  09:51 PM

Running to the left of Bernie Sanders isn't going to be easy.

Counter-protesters arrive at flag-burning event with their own flags, massive water guns

July 01, 2015  09:05 PM

More than 300 protesters had said on Facebook they'd planned to attend, but the crowd looks a little light.

'Love is love. Is love.' Montana man says SCOTUS ruling inspired him to seek legal polygamy

July 01, 2015  08:14 PM

'It's about marriage equality.'

President wraps up Q&A session on Obamacare with executive opinion on peas in guacamole

July 01, 2015  08:05 PM

What about the Bulls re-signing Jimmy Butler? Will this affect my insurance premiums?

Really? How does pro-abort actress Elizabeth Banks plan to 'make life #BetterForBaby'?

July 01, 2015  06:55 PM

She'll #StandWithWendy and Planned Parenthood. With the unborn? Not so much.

FSM Archives

More in Homeland ( 1 OF 25 ARTICLES )