Seven Million to Lose Insurance Under Obamacare

Wednesday, 06 Feb 2013 10:05 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
President Obama's health care law will push 7 million people out of their job-based insurance coverage — nearly twice the previous estimate, according to the latest estimates from the Congressional Budget Office released Tuesday.

CBO said that this year's tax cuts have changed the incentives for businesses and made it less attractive to pay for insurance, meaning fewer will decide to do so. Instead, they'll choose to pay a penalty to the government, totaling $13 billion in higher fees over the next decade.

But the non-partisan agency also expects fewer people to have to pay individual penalties to the IRS than it earlier projects, because of a better method for calculating incomes that found more people will be exempt.

Obamacare: Massive New Rules Revealed for 2013

Overall, the new health provisions are expected to cost the government $1.165 trillion over the next decade — the same as last year's projection.

With other spending cuts and tax increases called for in the health law, though, CBO still says Mr. Obama's signature achievement will reduce budget deficits in the short term.

During the health care debate Mr. Obama had said individuals would be able to keep their plans.


© Copyright 2014 The Washington Times, LLC

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

ACLU: FBI Seeks 'Green Light' to Hack Into Any Computer Worldwide

Thursday, 30 Oct 2014 11:22 AM

The FBI is petitioning the government for new powers to hack into computers for surveillance in what is being described  . . .

Rick Ungar: New IRS Horror Story Far Worse Than Previous

Thursday, 30 Oct 2014 10:46 AM

There are times when it becomes absolutely impossible to support the remarkably bad judgment often displayed by federal  . . .

Doctor Gottlieb: Bigger Quarantines to Come in US

Thursday, 30 Oct 2014 10:22 AM

The United States will face a greater threat from Ebola this winter, as the epidemic in West Africa turns into a potenti . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved