The bill amends the Internal Revenue Code, the nation’s tax law, adding a section entitled, “Requirement to maintain minimum essential coverage,” section 5000A.
“Subtitle D of the Internal Revenue Code of 1986 is amended by adding at the end the following new chapter: ‘‘CHAPTER 48—MAINTENANCE OF MINIMUM ESSENTIAL COVERAGE ‘‘Sec. 5000A. Requirement to maintain minimum essential coverage.”
“REQUIREMENT TO MAINTAIN MINIMUM ESSENTIAL COVERAGE.—An applicable individual shall for each month beginning after 2013 ensure that the individual, and any dependent of the individual who is an applicable individual, is covered under minimum essential coverage for such month,” the law reads.
Individuals who fail to compy with this "requirement" are assessed a “shared responsibility payment”--a fine collected by the IRS.
“SHARED RESPONSIBILITY PAYMENT.— ‘‘(1) IN GENERAL.—If an applicable individual fails to meet the requirement of subsection (a) for 1 or more months during any calendar year beginning after 2013…there is hereby imposed a penalty with respect to the individual in the amount determined under subsection (c).”
That penalty will be no more than ... up to a maximum of $2,250 per household or two percent of household income, whichever is greater.
And there you have it. Required to have medical insurance or else. Everyone of you.
obama
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