The maximum penalty for a family with five or more members will be $12,240, according to the report. In accordance with the individual mandate, people who don’t enroll in health insurance plans this year face a tax penalty of $95 if they earn between $19,650 and $10,150 (people who earn less than the lower income threshold will not face a fine at all).
Those who earn more than $19,650 annually will pay a penalty equivalent to 1 percent of their annual household income. In order to be fined the maximum amount this year, an uninsured individual would have to earn more than $244,800, and families of five or more would have to bring in a combined annual income of $1.2 million, according to the report.
More Articles on the PPACA:
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PPACA Approval Remains Stable in July: 8 Statistics
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