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

Report: After $91M Infusion, Obamacare Website Still A Mess On Ba... (Newsmax) - Despite last year's "urgent" no-bid $91.1 million one-year contract to Accenture Federal Services to repair the troubled Obamacare websit...
The Hill: GOP Believes Obama Is Hiding an Obamacare Plan B (Newsmax) - The Obama administration has said that it doesn't have a contingency plan if the high court rules that Obamacare subsidies cannot be distr...
Treasury Used Unauthorized $3 Billion for Obamacare (Washington Examiner) - The U.S. Treasury Department has rebuffed a request by House Ways and Means Chairman Rep. Paul Ryan, R- Wis., to explain $3 bi...
Treasury Won’t Explain Decision To Make $3 Billion In Obama... (Washington Examiner) - The U.S. Treasury Department has rebuffed a request by House Ways and Means Chairman Rep. Paul Ryan, R- Wis., to explain $3 b...
Will Only Suckers Pay The ObamaCare Tax Penalty? (Investors Business Daily) - This year, as many as 6 million taxpayers will learn that they now owe a "Shared Responsibility Payment" because they di...
HHS Says It’s Got NO PLAN To Save Obamacare If Supreme Cour... (Daily Caller) - The Obama administration said Tuesday that it has no back-up plan for Obamacare if the Supreme Court rules this summer that the law r...

Comments


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