Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

9/20/2012 (1 year ago)

Catholic Online (www.catholic.org)

Americans must be insured in 2014, or pay penalty assessed on tax returns

Roughly two million more Americans will pay penalties under President Obama's health care law for lacking insurance, larger than had previously been estimated. Under the law, Americans must be insured starting in 2014 or pay a penalty assessed on their tax returns.

Of those who choose to pay the penalty in lieu of purchasing health insurance, 10 percent are projected to be below the federal poverty level for 2016, which the CBO and JCT estimate will stand at about $12,000 for an individual or $24,600 for a family of four.

Of those who choose to pay the penalty in lieu of purchasing health insurance, 10 percent are projected to be below the federal poverty level for 2016, which the CBO and JCT estimate will stand at about $12,000 for an individual or $24,600 for a family of four.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

9/20/2012 (1 year ago)

Published in Politics & Policy

Keywords: Obamacare, penalty, poverty levels, elderly


LOS ANGELES, CA (Catholic Online) - After the legislation passed in 2010, the Congressional Budget Office, working alongside the Joint Committee on Taxation, estimated that roughly four million people a year would decide to pay the penalty instead of getting coverage in 2016. The CBO and JCT revised that figure up to six million this week, citing legislation passed since 2010 as well as the weaker economic outlook.

The groups also pointed to the Supreme Court's decision earlier this year to make the health care law's expansion of Medicaid optional for states.

Of those who choose to pay the penalty in lieu of purchasing health insurance, 10 percent are projected to be below the federal poverty level for 2016, which the CBO and JCT estimate will stand at about $12,000 for an individual or $24,600 for a family of four.

The penalty will be no more than $285 per family, or one percent of income, whichever is greater in 2014. By the year 2015, the cap rises to $975, or two percent of income. By the year 2016, it will reach $2,085 per family, or 2.5 percent of income, whichever is greater.

The dollar amounts for a single adult would be $95, $325 and $695 during that same time period.

Roughly 30 million non-elderly Americans are projected to remain uninsured in 2016, though most will not be subject to the penalty tax. The penalty will be waived for people with very low incomes who don't have to file tax returns, those who are members of certain religious groups, or people who face insurance premiums that would exceed eight percent of family income even after including employer contributions and federal subsidies.

In 2016, penalty payments are expected to total $7 billion, about $3 billion more than previously estimated.

.

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2014
Sports:
That sports may always be occasions of human fraternity and growth.
Lay Missionaries: That the Holy Spirit may support the work of the laity who proclaim the Gospel in the poorest countries.



Comments


More Politics & Policy

FREE SPEECH VIOLATED: Tea party groups' lawsuit against IRS proceeds Watch

Image of Among the individuals named in the lawsuit is Lois Lerner, who headed the division that processes applications for tax-exempt status at that time.

By Catholic Online (NEWS CONSORTIUM)

They're not going to take it - and they're taking their claims to court. A federal judge has allowed a lawsuit by 10 tea party groups to move forward against the Internal Revenue Service. The judge rejected a request by the federal government to dismiss all the ... continue reading


'Suing the president is the right path to go down here,' Boehner declares Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

The House of Representatives has no plans to use its own constitutional authority to withhold funding from actions by President Obama. House Speaker John Boehner (R-Ohio) indicated that if the president takes actions that exceed his constitutional authority, ... continue reading


Federal government says state death penalties are 'unconstitutional' Watch

Image of A federal judge has called California's death penalty unconstitutional. Surprisingly though, this judge is a conservative republican, a party that has long opposed federal overreach into state rights.

By Catholic Online (NEWS CONSORTIUM)

A federal judge ruled that California's death penalty is unconstitutional on July 16, claiming that the state's system is arbitrary, unfair, and cruel and unusual because of a lengthy process that leaves prisoners in the dark about their actual death row status. ... continue reading


'American people have a right to know,' Issa proclaims Watch

Image of Darrel Issa says that Simas' testimony was

By Catholic Online (NEWS CONSORTIUM)

Oversight Committee Chairman Darrell Issa of California said administration claims that White House political director David Simas was immune from testimony were "absurd" and "deeply disturbing." Defying a subpoena, Issa has now set up a new high-profile fight ... continue reading


Cheat on your taxes? It just got a lot easier Watch

Image of If you still fear a knock at your door anytime soon, it must be noted that one's chances of getting audited vary greatly and are based on income.

By Catholic Online (NEWS CONSORTIUM)

If you cheat on your taxes - or senselessly worry that some indiscretion in your recent past will have the Internal Revenue Service shortly breathing down your neck - things just got a little bit brighter. The GOP-controlled House has voted to slash the budget ... continue reading


While federal tax revenues are at an all-time high - federal government still running a deficit Watch

Image of What's the old saying?

By Catholic Online (NEWS CONSORTIUM)

While federal tax revenues continue to run at a record pace in fiscal 2014, their still no way out of the forest yet. The federal government's total receipts for the fiscal year closed last month at an unprecedented $2,258,565,000,000, according to the Monthly ... continue reading


President Obama accused of being insufficiently engaged in border crisis Watch

Image of President Obama wishes to make clear to parents and adults in Central America that there is no payoff for sending their children on the dangerous journey northward.

By Catholic Online (NEWS CONSORTIUM)

With hundreds, if not thousands of unaccompanied children streaming across the United States' southwest border with Texas - and more on the way - America's border security and policies may be in transition. Republicans and some Democrats have since accused U.S. ... continue reading


Put the spotlight - ON ME: Obama uses first person singular 99 TIMES in speech Watch

Image of In President Obama's recent speech, he used a first person singular, on average, every 12 seconds.

By Catholic Online (NEWS CONSORTIUM)

"I," "Me," sand "My" were words used by U.S. President Barack Obama in a speech vowing unilateral action. In fact, Obama used the first person singular a whopping 199 times. This figure did not account for instances when he quoted a letter from a citizen or ... continue reading


Engage world with Catholic principles

Image of Catholic Social Doctrine

By Kevin Jones

NON-NEGOTIABLE: Essential Principals of a Just Society and Human Culture. Denver, CO (CNS) - Catholic involvement in civic life is necessary to defend human dignity and move society in a positive direction, says the author of a new book on Catholics principles in ... continue reading


Muslims, more than any other religious group, approve of Obama's performance Watch

Image of U.S. President Barack Obama as he visited Kenya in 2006.

By Catholic Online (NEWS CONSORTIUM)

Seventy-two percent of poll respondents who identify their religion as Muslim say they approve of U.S. President Barack Obama's performance. Muslims, more than any other religious group approve of Obama's overall performance in a recent Gallup Poll. LOS ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Song of Songs 3:1-4
1 On my bed at night I sought the man who is my ... Read More

Psalm, Psalms 63:2, 3-4, 5-6, 8-9
2 Thus I have gazed on you in the sanctuary, seeing ... Read More

Gospel, John 20:1-2, 11-18
1 It was very early on the first day of the week and ... Read More

Saint of the Day

Saint of the Day for July 22nd, 2014 Image

St. Mary Magdelene
July 22: She is called "the Penitent". St. Mary was given the ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter