Obamacare penalty may come as shock at tax time
Those Americans who didn’t get health insurance last year could be in for a rude awakening when the IRS asks them to fork over their Obamacare penalty — and it could be a lot more than the $95 many of them may be expecting.
The Affordable Care Act requires those who didn’t have insurance last year and didn’t qualify for one of the exemptions to pay a tax penalty, which was widely cited as $95 the first year. But the $95 is actually a minimum, and middle- and upper-income families will actually end up paying 1 percent of their household income as their penalty.
…the average penalty for lacking health insurance in 2014 will be $301… to a $325 minimum or 2 percent of income in 2015, and to a $695 minimum or 2.5 percent of income in 2016.
Wild Thing’s comment…….
Obama: “How can I tax thee, let me count the ways.”
These people voted for Obama and now they’re getting what they voted for.
How crafty to put off this tax until after the 2014 elections which were a disaster for obama anyway. I expect to hear lots of screaming and cursing as April 15 approaches. This will hit the working class hard.