Obamacare is collapsing. Only 10 percent of uninsured Americans who qualify for Obamacare exchange plans are signing up. Even with subsidies to soften the sticker shock, 90 percent of the people these plans were intended to help are saying “no thanks,” according to a survey released last week by management consultants McKinsey & Company. A majority says the plans are too expensive.
The Affordable Care Act requires most Americans to enroll in “essential coverage” by March 31 and attach proof of it when they file their 2014 taxes. The law imposes a tax on those who don’t comply.
Not a mere $95, as widely thought. The tax is 1 percent of your adjusted gross income, with additional taxes for each uninsured child. If you, your spouse and three kids are uninsured, and your income is $75,000, your penalty could add up to $1,750 for 2014. Not chump change, yet not enough to force the uninsured to buy plans. Chief Justice John Roberts warned that a tax steep enough to do that would violate the Constitution.