Recently, the Internal Revenue Service revealed that nearly 8.1 million taxpayers paid $1,694,088,000 in Obamacare penalties because they didn’t have health insurance in 2014, the first year the penalty was in effect. The IRS said:
“Beginning in 2014, the Affordable Care Act required that individuals must have had health care coverage, qualified for a health coverage exemption, or made a shared responsibility payment with a tax return. A health care individual responsibility payment was made on 8.1 million returns for $1.7 billion, an average of $210 per tax return paying this penalty.”
Back in 2015, lawmakers found out through IRS Commissioner John Koskinen that approximately 7.5 million taxpayers paid a total of $1.5 billion in penalties. This means that about 560,000 more taxpayers paid about $200 million more that the reports said.
In 2014, individuals had the chance to choose between paying a flat penalty of $95 for each uninsured adult or one percent of their household’s adjusted gross income in excess of the threshold for mandatory tax filing. By 2016, the penalties rose to a flat fee of $695 or 2.5 percent of the AGI measure.
The Congressional Budget Office, it’s expected that this year four million individuals will pay around $4 billion. The budget office predicts that from 2017 to 2024, about $5 billion will be collected annually. Senator Tom Cotton said:
“It’s not surprising that the Obamacare mandate numbers are worse than the administration first claimed. Obamacare penalizes taxpayers who can no longer afford insurance that Obamacare made unaffordable. As Obamacare continues to unravel, things will only get worse. The legacy of Obamacare is skyrocketing premiums, unaffordable deductibles, the destruction of the individual insurance market, and tax penalties on Obamacare’s victims.”
In July, Cotton and five other senators introduced the Obamacare Tax Relief and Consumer Choice Act that could be used to suspend the individual mandate when health insurance premiums rise.
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