Penalties start in 2014 for those failing to purchase health insurance under the new Affordable Care Act. The fines will start as low as $95 per year for an individual, or 1 percent of a person's income. By 2016 the individual penalty will rise to $695 or 2.5 percent of income, whichever is higher, unless the individual meets a poverty test or is on Medicaid. This is the "individual mandate" upheld in 2012 by the Supreme Court as a tax, meaning the IRS will collect any penalties.
How many Americans are likely to have to pay up? The Congressional Budget Office has an idea. How do you feel about the "individual mandate?"
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