(Image source: Flickr/ZaldyImg)

 

BY CHRISTINA HARTMAN 


There was some debate over whether to call it a tax, a penalty or a fine — but whatever it is — about six million Americans will have to pay it.
 

“The nonpartisan Congressional Budget Office finds nearly six million Americans, most of them middle class, will face a tax penalty for not carrying medical coverage.” (Video: WJLA)
 

“The penalty would be around $1,200 dollars. Most of the fines would hit the middle class." (Video: WDEF)
 

President Obama’s Affordable Care Act mandates health insurance coverage and requires a tax penalty for those who don’t purchase health insurance.

Looks like “4 million” then an arrow up then “6 million”
Originally the nonpartisan CBO said 4 million people would choose to pay the tax rather than buy coverage — but Wednesday the office revised that figure to closer to 6 million.

As for why, the CBO cited:
- ACA’s optional expansion of Medicaid for states
- Weaker economic outlook

 

But analysis suggests 80 percent of those hypothetically hit by the fine would be middle class families and individuals making as much as five times the federal poverty level. By 2016, the penalty for not having insurance will be a little over $2,000 per family, or 2.5 percent of income — whichever is greater.


 

 

Health Care Tax Penalty to Hit More Americans Than Thought

by Christina Hartman
2
Transcript
Sep 19, 2012

Health Care Tax Penalty to Hit More Americans Than Thought

(Image source: Flickr/ZaldyImg)

 

BY CHRISTINA HARTMAN 


There was some debate over whether to call it a tax, a penalty or a fine — but whatever it is — about six million Americans will have to pay it.
 

“The nonpartisan Congressional Budget Office finds nearly six million Americans, most of them middle class, will face a tax penalty for not carrying medical coverage.” (Video: WJLA)
 

“The penalty would be around $1,200 dollars. Most of the fines would hit the middle class." (Video: WDEF)
 

President Obama’s Affordable Care Act mandates health insurance coverage and requires a tax penalty for those who don’t purchase health insurance.

Looks like “4 million” then an arrow up then “6 million”
Originally the nonpartisan CBO said 4 million people would choose to pay the tax rather than buy coverage — but Wednesday the office revised that figure to closer to 6 million.

As for why, the CBO cited:
- ACA’s optional expansion of Medicaid for states
- Weaker economic outlook

 

But analysis suggests 80 percent of those hypothetically hit by the fine would be middle class families and individuals making as much as five times the federal poverty level. By 2016, the penalty for not having insurance will be a little over $2,000 per family, or 2.5 percent of income — whichever is greater.


 

 

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