About 4 million people — including the estimated 1 million low-income Americans must to pay the Obamacare penalty for 2016.
So how is that promise for insurance for everyone working out?
A report last week from the Congressional Budget Office estimated that 1 million Americans will be required to pay a penalty to the Federal government by the end of next year as a “tax” for declining to purchase health insurance under Obamacare’s individual mandate provision.
In all, CBO now expects about 4 million people — including the estimated 1 million low-income Americans who live below the government’s 200 percent poverty threshold — to pay the Obamacare penalty for 2016.
From the report:
“CBO and [the Joint Committee on Taxation] JCT’s estimates of the number of people who will pay penalties account for likely compliance rates as well as the ability of the Internal Revenue Service (IRS) to administer and collect the penalty payments.
All told, CBO and JCT estimate that about 4 million people will pay a penalty because they are uninsured in 2016 (a figure that includes uninsured dependents who have the penalty paid on their behalf). An estimated $4 billion will be collected from those who are uninsured in 2016, and, on average, an estimated $5 billion will be collected per year over the 2017-2024 period.
Of the 1 million Americans the government regards as “low-income,” roughly 200,000 will earn gross income of less than 100 percent of the government’s poverty baseline; another 800,000 will earn less than 200 percent of the gross income poverty line, which places them in a category of low-income earners eligible to receive a host of Federal poverty entitlements. For a breakdown of how the Department of Health and Human Services assesses “poverty” as a ratio of household size to annual income, see the department’s 2014 poverty guidelines.
The CBO graph below illustrates the Obamacare penalty forecast as a function of income demographics:
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“In general, households with lower income will pay the flat dollar penalty (with adjustments to account for the lower penalty for children and the overall cap on family payments), and households with higher income will pay a percentage of their income,” the report indicates.
this man is a lying $#%&!@* he is a tyrant and a muslim he is a destroyer of all that americans care for he needs to be taken out of political office fore ever
Such arrogance is sickening.
Kenneth Starker— he just needs to be taken out!
HE IS ONE OF THE ELITE, WHO SAYS WE NEED INCOME EQUALITY. WHAT FOOLS WE ARE IF WE BELIEVE WHAT HE IS SPEWING.
this is his plan, make the poor even poorer so they have to depend on government programs enabling the government to better control them
I tryly despise Barack Hussein Obama. He is a reckless, foreign POS who is NOT an American. He is an indonesian citizen who overstayed his student visa!
I told y`all he was lying .
It’s all about the hidden agenda of the money people (the 85 ITBs mentioned at http://www.electcwspada.com). It is the agenda of the CARTELs and it’s like the past 13 election cycles. Who ever pays the most to our elected puppets, gets what them want. This case, control of natural resources.
Jerk
Better have a revolution that states to Obama that NO ONE wiLL PAY any PENALTIES TO THE IRS BECAUSE THEY ARE CORRUPT. TIME FOR CHANGE……REVOLUTION BY ………