Make less than $120,000 a year? You might pay for 75 percent of Obama's new health care law

Published: Tuesday, July 3 2012 10:42 a.m. MDT

Read more: Opponents of health care overhaul highlight taxes in law, supporters push benefits

Americans making less than $120,000 a year will cover 75 percent of Obama's new health care law's costs, according to Stephen Moore, a senior economics writer for the Wall Street Journal, via theblaze.com.

How much of a tax can families expect to pay if they don't have health insurance? In 2014, families would have to pay $285 and single individuals would have to pay $95, according to the article. But those numbers are scheduled to rise a considerable amount. By 2016, the tax for a single adult who doesn't purchase health insurance will be $695. A family would have to pay $2,085.

"I'll tell you this, for Americans who are going to have to pay these fines, penalties, taxes, whatever you want to call them … what we found is it's going to be pretty darn expensive," Moore told Fox News' Alisyn Camerota, according to the article. "The taxes phase in over time so next year they might be pretty modest, by about 2015 or '16, for families that choose not to buy health insurance, you're talking about a fine, Alisyn, that could be over $2,000 a year."

EMAIL: bbullock@desnews.com

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