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April 15th is just around the corner. This year’s Tax Day is extra special because it marks the first ever “Mandate Day,” when ObamaCare fines Americans who did not purchase government approved health insurance.
Mandate Day's penalties increase substantially each of the next two years:
As you can see, all adults who went uncovered in 2014 owe a $95 fine this Mandate Day. Those who go uncovered throughout the rest of this year will be fined $325 next Mandate Day. And people who go uncovered throughout 2016 will be hit with a $695 fine on the third annual Mandate Day.
Adults won't be the only group that needs to be covered to avoid the ObamaCare mandate. If they have uninsured children under age 18 then they will owe even more money to the IRS. This penalty also increases substantially over the next two years.
ObamaCare did implement a maximum dollar fine that a family would be forced to pay. Just like the penalties shown above, however, the maximum amount increases sharply each year.
It’s important to remember that people may end up owing more than $95 per person this year. For example, the penalty for going uncovered in 2014 is the greater amount of $95 per person, or 1 percent of household income. Next year’s penalty is the greater amount of $325 per person, or 2 percent of household income. After, the percentage increases to 2.5%, and then increases with inflation.
The maximum penalty for people who owe a percentage of their household income is the cost of the national average premium for a bronze level health plan. This year it is $2,448 per individual and $12,240 for a family with five or more members. After 2016, each year’s mandate penalty increases with inflation.
As long as ObamaCare remains a law the uninsured will never be able to escape a Mandate Day again.