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Tax Penalty for Not Having Health Insurance to Hit 6 million Americans

November 1st, 2012 – According to a new study by the nonpartisan Congressional Budget Office, nearly 6 million Americans will have to pay a tax penalty for not having health insurance once the Affordable Care Act (ObamaCare) is fully in place.

80% of those who will be assessed the tax penalty are middle class Americans. The average penalty will rise to $1,200 in 2016 and will be collected by the IRS.

According to the Colorado Health Institute about 500,000 Coloradans will have to buy insurance or pay a penalty. The Colorado Health Institute is the state’s collector of statistics on health care.

Starting on January 1st, 2014, the Affordable Care Act requires legal residents to carry health insurance or face a tax penalty. This summer the Supreme Court upheld this aspect of the Affordable Care Act, finding that the insurance mandate and the tax penalty enforcing it fall within the power of Congress to impose taxes.

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