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4 million people paid Obamacare penalties averaging $708 for 2016, IRS says

Source: lancasteronline.com - Aug 23, 2017

Four million people paid Affordable Care Act penalties averaging $708 for not having insurance in 2016, according to preliminary figures released by the Internal Revenue Service.

The average is just over the base penalty of $695 imposed for a whole year without coverage; those with higher incomes paid more. Overall, that's about $2.8 billion. The agency noted that those numbers are subject to change as processing continues.

The penalty started in 2014 with a base penalty of $95. The IRS reported that 7.9 million people paid an average of $210 that year, for a total of $1.6 billion.

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Category: General Business