U. S budget Office: 4 million could be fined for failing to buy health insurance

health insuranceAccording to congressional estimates released on Thursday said that nearly 4 million Americans will have to pay a penalty if they don’t get insurance when President Barack Obama’s health care overhaul law kicks in. According to projections by the CBO and the Joint Committee on Taxation, about 21 million non elderly residents will be uninsured in 2016. It may be noted that most of those people will be exempt from the penalties.

Republican Senator Chuck Grassley said in statement, who opposed the legislation, said the analysis showed that the bill was a tax that will hurt some poor people, “"There is a price for not participating and people will pay it,". Nick Papas said the analysis was consistent with earlier findings, confirmed that many more Americans will get insurance under the plan, “CBO's analysis confirms that the vast majority of uninsured Americans will find health care affordable and choose to participate,".

Although 20 states have sued the federal government in an attempt to block the restructuring that it also required states to set up exchange to allow individuals and small groups to shop for insurance. Dave Camp of Michigan , the top Republican on the tax writing House Ways and Means Committee said, “"The individual mandate tax will fall hardest on Americans who can least afford to pay it, many of whom were promised subsidies by the Democrats and who the president has promised would not pay higher taxes,".