Skip to comments.CBO: Millions of Middle-Class Americans Will Pay ObamaCare Tax Penalty
Posted on 04/23/2010 7:25:14 AM PDT by Behind Liberal Lines
the Congressional Budget Office has released data estimating that by 2016, 3 million Americans earning less than $59,000 a year will face a penalty for not having health insurance. An additional 900,000 earning more than that will also pay the penalty.
To be clear, these numbers underestimate the full cost of the mandate. To start with, the estimates don't include those Americans who will decide to purchase insurance in response to the mandate. If somebody otherwise wouldn't choose to purchase insurance but because of the mandate ends up paying thousands of dollars in of premiums, that represents a cost, too. On the flip side, if CBO is overestimating those who will decide to purchase insurance, then it means that more will end up paying the penalty.
In addition, the CBO numbers only factor in people who it predicts will actually admit in their tax returns that they're uninsured. The CBO notes that, "other individuals will try to avoid making payments. Therefore, the estimates presented here account for likely compliance rates, as well as the ability of the Internal Revenue Service (IRS) to administer and collect the penalty." In other words, the numbers are only CBO estimates of how many people will pay the tax, not estimates of how many people are subject to the tax. Boost enforcement could boost the number of people paying taxes.
As for the actual cost involved, the penalty will be the higher of either $695 or 2.5% of income. Effectively, those earning below $27,800 would pay the flat rate, and after that point would begin paying the percentage. Once a person earns more than $40,000, the penalty will exceed $1,000. At $59,000, it would reach $1,475.
(Excerpt) Read more at spectator.org ...
Mission accomplished, then.
On the other hand, if we all went to jail instead, the cost would be astronomical. But then of course Dr. Zeke Emmanuel would propose euthenizing us and selling our organs on a government-run exchange to recover the costs and reduce the deficit while ensuring "healthy outcomes" for those lucky (?) enough to be alive...
So how come the CBO in counting “middle class” Americans uses a $59K cut-off. According to Obama, “rich” starts at $250K (or is it $200K?).
Report: Health overhaul will increase USA’s tab
WASHINGTON (AP) President Obama’s health care overhaul law will increase the nation’s health care tab instead of bringing costs down, government economic forecasters concluded Thursday in a sobering assessment of the sweeping legislation.
A report by economic experts at the Health and Human Services Department said the health care remake will achieve Obama’s aim of expanding health insurance adding 34 million Americans to the coverage rolls.
But the analysis also found that the law falls short of the president’s twin goal of controlling runaway costs. It also warned that Medicare cuts may be unrealistic and unsustainable, driving about 15% of hospitals into the red and “possibly jeopardizing access” to care for
It´s getting VERY expensive this gov´t... And I sure hope that all across America people will vote to END this tyranny, this holding us all choking and putting their thumbs on the juglar vein of America.
So, basically it may come down to choosing having a roof over one’s head and a car to get to work or having health insurance to stay out of jail and avoid fines. They may all be homeless, but they’ll have insurance to conver that TB infection they pick up in the shelter. WTH is going on in this country?
So does this mean that Obamacare will add 34 million people to those with health insurance minus this 4 million? Furthermore, is the 34 million over estimated while the 4 million is under estimated? By 2016, will the number of people added to the health insurance rolls be equal to or less than the number of people getting fined by Obamacare?
The 4 million figure is coming to light only weeks after this debacle was passed and signed by Obama. How bad is it going to look early next year when the insurance companies adjust their premiums (higher) because of Obamacare?
THANK YOU FOR THE TAX CUTS, OBAMA!!!!
The list, ping
It's the control, stupid! Not calling FREEPERS stupid, just enunciating the slogan of the election cycle.
“It was NEVER about uninsured people.”
Your right it’s about control and leaving a mark on history. And it’s sickening!
No wonder the insurance companies were not complaining.+
Not if it’s repealed and the conspirators are languishing in prison by then.
I have a small question. If you are a family and have husband, wife and two kids is it only one $695 fine, two $695 fines or four $695 fines?
this is a great rip off...less healthcare for more money...how is that a good deal for anyone...