Now We Know What’s In It… 6 Million Americans Will Face Obamacare Tax Penalty
Now we know what’s in it…
Nearly six million Americans, most of them in the middle class, will face a tax penalty under Obamacare.
FOX News reported:
Nearly 6 million Americans — most of them in the middle class — will face a tax penalty for not carrying medical coverage once President Barack Obama’s health care overhaul law is fully in place, congressional budget analysts said Wednesday.
The new estimate amounts to an inconvenient fact for the administration, a reminder of what critics see as broken promises.
The numbers from the nonpartisan Congressional Budget Office are significantly higher than a previous projection by the same office in 2010, shortly after the law passed.
The earlier estimate found 4 million people would be affected. The difference — 2 million people– represents a 50 percent increase.
That’s still only a sliver of the population, given that more than 150 million people currently are covered by employer plans. Nonetheless, in his first campaign for the White House, Obama pledged not to raise taxes on individuals making less than $200,000 a year and couples making less than $250,000.
And the budget office analysis found that nearly 80 percent of those who’ll face the penalty would be making up to or less than five times the federal poverty level. Currently that would work out to $55,850 or less for an individual and $115,250 or less for a family of four.
Average penalty: about $1,200 in 2016.