Tuesday, September 27, 2016

Penalty Box

If you don't want your Obamacare, you still have to pay for it:
The number of people paying the penalty rather than purchasing insurance in 2014 is greater than IRS officials initially thought last year. Based on reports, IRS commissioner John Koskinen estimated that around 7.5 million Americans paid $1.5 billion in penalties.

Several Republican senators proposed legislation this summer to suspend the individual mandate if insurance premiums rose.

“Our bill would exempt people from the law’s individual mandate to purchase health insurance if their plan’s premiums increase by 10 percent or the average of their home state’s premiums increase by more than 10 percent,” Sen. Kelly Ayotte, one of the co-sponsors of the bill, said in July.

“Obamacare has failed,” Sen. Tom Cotton, another co-sponser of the bill, said in July. “Premiums are skyrocketing by more than 50 percent in some states, deductibles average more than $5,000 for the cheapest plans, and networks are shrinking Even worse, many of those same families will face a massive tax penalty because they can’t afford care”
But it's their "fair share..."

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