Wednesday, August 23, 2017

IRS: 4 million Americans paid Obamacare penalties averaging $708 for 2016

Obamacare has rear its ugly head again this time it's about money, four million Americans paid Affordable Care Act penalties averaging $708 for not having insurance in 2016, based on the preliminary figures released by the Internal Revenue Service.

The average is just over the base penalty of $695 imposed for a whole year without coverage; those with higher incomes paid more. Overall, that's about $2.8 billion. The agency noted that those numbers are subject to change as processing continues.

The penalty started in 2014 with a base penalty of $95. The IRS reported that 7.9 million people paid an average of $210 that year, for a total of $1.6 billion.

In 2015 the base penalty rose to $325, and the IRS reported that 6.5 million people paid an average of $470, for a total of $3 billion. The penalty is called the individual shared responsibility payment (Obama tax), you owe the fee for any month you, your spouse, or your tax dependents don’t have qualifying health coverage. You pay the fee when you file your federal tax return for the year you don’t have coverage. There are few health coverage exemption from the requirement to have insurance.

Liberals and freeloaders wants to increase these penalties they say the penalties are not steep enough to push enough people into the marketplace.    

Good thing President Donald Trump ordered the Internal Revenue Service to stop their plan to reject tax returns that didn't indicate whether or not people had health insurance. So, if you have no health insurance just don't tell the IRS and don't pay the penalty!

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