Six Million To Pay ObamaCare Penalty
Under the law, Americans must be insured starting in 2014 or pay a penalty assessed on their tax returns.
Shortly after the legislation passed in 2010, the Congressional Budget Office, working alongside the Joint Committee on Taxation, estimated that in 2016 roughly four million people a year would opt to pay the penalty instead of getting coverage. On Wednesday, the CBO and JCT revised that figure up to six million, citing legislation passed since 2010 as well as the weaker economic outlook.
Of those people who opt for the penalty, 10% are projected to be below the federal poverty level for 2016, which the CBO and JCT estimate will stand at about $12,000 for an individual or $24,600 for a family of four.
In 2014, the penalty will be no more than $285 per family, or 1% of income, whichever is greater. In 2015, the cap rises to $975, or 2% of income. And by 2016, it reaches $2,085 per family, or 2.5% of income, whichever is greater.
The dollar amounts for a single adult would be $95, $325 and $695 during that same time period.
25% OF UNINSURED SAY PLAN TO STAY THAT WAY
A new Gallup poll has found that 25 percent of today’s uninsured plan to stay that way.
The poll, released on September 30, noted that two in three of those surveyed said they “planned” to get insurance rather than pay the small fine at the end of the year. The poll further found that under half intend to take advantage of the state or federal insurance exchanges when they are finally up and running.
It should be noted that that this result was based on what people say they intend to do, not what they have actually done or are even in the process of doing.
Statistics worsened in the important 18 to 29 age bracket. Sixty-nine percent of the youth demographic were unaware they were required to get health insurance by January 1, 2014. This is the age group that Obama is hoping will foot the bill for the rest of America.