GOVERNMENTS HEALTH TAX NOT THAT WIDESPREAD - Roll Call: It’s the tax at the heart of Obamacare, but just more than 1 percent of Americans will end up paying it, according to an analysis by the Congressional Budget Office. The CBO and the Joint Committee on Taxation (JCT) slashed their estimates for how many people will pay the individual mandate tax penalty in 2016 by a third — to 4 million from 6 million — citing exemptions granted by the Obama administration, including exemptions for people whose plans were cancelled because they did not meet the Affordable Care Act’s requirements. That’ll lead to $4 billion in revenue in 2016 and $5 billion a year after that — a drop of about $3 billion a year. It will still generate $46 billion over a decade, the CBO said Thursday.CQ Roll Call’s Rebecca Adams has reported extensively on this issue, noting that the IRS isn’t expected to do much to enforce the mandate anytime soon There are also numerous exemptions that mean 87 percent of the 30 million people who will still be without insurance will be able to avoid the tax. That includes illegal immigrants — who aren’t eligible for Obamacare benefits — and low-income people. [Roll Call]
Posted on: Fri, 06 Jun 2014 23:00:08 +0000
Trending Topics
Recently Viewed Topics
© 2015