Thursday, January 01, 2015

ObamaCare Penalities Skyrocket in 2015 : Barnum & Gruber Were Right?

Well, the nightmare that is ObamaCare is one step closer and all those that voted for it will now have the privilege of paying for it. The democrats said it would be free to millions and not to worry as others would pay for everything.

 Gruber knew the general public was too stupid to understand they were being used and abused by the progressive socialist democrats or they just didn't care enough to take a closer look.

These individuals trusted the democrats. Yikes! And if that's not enough the democrats have been this for decades and getting away with it. As Barnum of Barnum and Baily enterprises said, "there is a sucker born every minute and three to take him". The chickens have truly come home to roust.

How Many Americans Will Have to Pay the Individual Mandate Penalty?
Source: "ObamaCare fines rising in 2015, IRS prepares to collect," FoxNews.com, December 30, 2014.

December 31, 2014

Obamacare imposes fines on individuals who fail to carry insurance, but this upcoming tax season will be the first time that taxpayers will have to report to the IRS whether they had insurance this year, Fox News reports. The fine for 2014 is the higher of $95 per person or 1 percent of household income. The penalty increases for 2015, rising to $325 per person or 2 percent of household income.

How many people will owe fines? It's unclear, because the law provides a number of exemptions that allow people to remain uninsured without paying a penalty. For example, an individual can fail to carry insurance and avoid the penalty if he is uninsured for less than three months, if the cheapest health coverage available to him costs more than 8 percent of his income or if he qualifies for a hardship exemption.

These hardship exemptions include homelessness, eviction, a recent domestic violence experience, the death of a close family member or if "[y]our individual insurance plan was cancelled and you believe other Marketplace plans are unaffordable."                                                                                                 
According to tax-preparation company H&R Block:
  • Only 4 million uninsured Americans will owe a penalty to the IRS for failing to carry insurance.
  • Twenty-six million uninsured Americans will qualify for one of the law's 30 exemptions.
To avoid 2015 penalties, the uninsured must enroll in an insurance plan by February 15, 2015. However, Fox News cites a recent Kaiser Family Foundation poll, which found that just 5 percent of the uninsured are aware of that deadline.
 

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