CBO: Obamacare will cost 7 million workers healthcare coverage…

February 5, 2013 10:02 pm  

(Washington Times) – 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.

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.

http://www.washingtontimes.com/blog/inside-politics/2013/feb/5/obama-health-law-will-cost-7-million/

Zimmerman Brother: Obama 'Bullied' My Family
VIDEO: Newtown Father Blasts Gun Control

Top Stories

Trump Vows to Repeal “Total Disaster” Obamacare Will replace Janet Yellen at Federal Reserve (Infowars) - Presumptive GOP nominee Donald Trump has vowed to repeal the Affordable Care Act, otherwi...
Obamacare November Surprise: HUGE Rate Increases Before Election ... (Politico) - The last thing Democrats want to contend with just a week before the 2016 presidential election is an outcry over double-digit insurance...
Obamacare Disapproval Surges Opinions divided by party, income, race (US News) - Obamacare has extended health insurance coverage to nearly 20 million Americans – but that ha...
Woman Who Ran Obamacare: Big Insurance Hikes on Way 'Overall trend is going to be higher than we saw' (CNBC) - Marilyn Tavenner's crystal ball didn't foresee the initial epic flop of HealthCare.gov w...
Huge Obamacare Premium Hikes Planned in ’17 Spokesperson for the nation’s health insurers is predicting substantial increases next year in Obamacare premiums and related costs. (Fiscal Time...
House Subpoena for Obamacare Co-Op Docs Denied (Newsmax) - A request by Congress for subpoenaed documents concerning the Affordable Care Act's failed co-ops has been denied by federal health offici...

Comments


Please help us stay spam-free. Mouse over a spam post and click the X to report spam.