Prediction says 4 million will be fined under mandate
The Congressional Budget Office predicts that about 4 million people will be required to pay a fine for not buying health insurance, accounting for roughly $4 billion per year in fees that will funnel through the Internal Revenue Service. The new healthcare law requires most residents to carry some level of insurance by 2016 or else pay a fine of up to $695 or a percentage of household income. The CBO and the Joint Committee on Taxation estimate that about 21 million residents under 65 years of age will be uninsured in 2016, but that a large majority of them would not be subject to the fine. According to the CBO, the lion’s share of payers will come from households making more than 400% of the federal poverty level. “The individual mandate tax will fall hardest on Americans who can least afford to pay it, many of whom were promised subsidies by the Democrats and who the president has promised would not pay higher taxes,” Rep. Dave Camp (RMich.), the senior Republican on the House Ways and Means Committee, said in a written statement.