In a new report released June 5 2014, the Congressional Budget Office had an unwelcome surprise waiting for low income individuals: About 1,000,000 of them will now be paying a penalty under Obamacare. It’s estimated around 4,000,000 people will be fined overall.
A chart accompanying the report revealed that 200,000 of those paying the penalty earn less than 100 percent of the poverty line. An additional 800,000 are considered low-income, earning between 100 and 199 percent of the poverty level.
This year Americans opting to not purchase health insurance will pay a $95 fine or 1 percent of their household’s adjusted gross income—whichever amount is greater. By 2016, the minimum fine will be $695 or 2.5 percent of the household income.
In addition, the report estimated that under Obamacare 30 million Americans will still be uninsured by 2016.
“All told, CBO and [the Joint Committee on Taxation] JCT estimate that about four 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),” the report said. “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.”
But this mandate goes against what candidate Obama suggested in a October of 2008 debate with Hillary, while debating her ‘mandate’:
Hm. We get more info every month that he lied all the way thru the passing of this bill.
If you like your plan…
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