Thursday, July 16, 2015

Individual Mandate Penalty Stats Are Now Available: 2% of American's Paid It & 300K Shouldn't Have

2.6 Million Served | 6.6 Million Fined
  • 6.6 million U.S. taxpayers paid a penalty imposed for the first time this year for not having health insurance.  
    • That is 2% of the population of the United States. 
    • In January, the Treasury Department projected that 6 million taxpayers would pay the fine. 
  • The average penalty was $190.  
  • 300,000 taxpayers overpaid the penalty by a total of $35 million by failing to accurately apply one of the, now, 32 exemptions to the mandate.  
    • The average overpayment was a little more than $110. 
    • And the IRS has not yet decided if it will issue a refund for those overpayments or pocket the cash.  
  • 10.7 million taxpayers did make use of one of the 32 exemptions.  
  • In contrast to the 6.6 million fined for not purchasing healthcare, 2.6 million Americans received an average of $3,000 each to buy a PPACA Exchange plan. 
Note: ISRP is government speak for "tax." The IRS calls the individual mandate penalty/tax an "Individual Shared Responsibility Payment."  George Orwell is proudly chuckling in his grave.