A Congressional Budget Office (CBO) report has been released, and if their predictions are correct 21 million Americans will be without health insurance in the year 2016. 4 million of them will likely be required to pay a penalty for being uninsured. According to this CNN article, the CBO is projecting the federal government could see a $4 billion per year revenue increase between 2017 and 2019.
High-income families making at least $96,000 will pay two-thirds of those fines, while families making between $24,000 and $96,000 will contribute nearly one-third of the funds collected.
Under the health care overhaul, which legislators passed in March, most U.S. residents will be required to purchase health care or pay a fine. By 2016, the penalty will be either a flat $695, or 2.5% of household income -- which ever is higher. The fines are capped based on income.
