IRS Issues Rules for Obamacare Mandate

    Holding a sign saying "We Love ObamaCare" supporters of health care reform rally in front of the Supreme Court in Washington, Tuesday, March 27, 2012, as the court continued hearing arguments on the health care law signed by President Barack Obama. Go ahead, call it Obamacare. Obama’s re-election campaign has lifted an unofficial ban on using the opposition’s derisive term for his health care law. Democratic activists have been chanting, "We love Obamacare," in front of the Supreme Court. And the campaign is selling T-shirts and bumper stickers that proclaim: "I like Obamacare." (AP Photo/Charles Dharapak)

    Charles Dharapak/AP

    The Internal Revenue Service issued its final guidelines detailing how the government will collect the revenue raised if people opt to pay a fine rather than purchase insurance as required by health-care reform on Tuesday. Those who choose not to get insurance will pay a penalty of at least $95 or 1 percent of their income starting in 2014. By 2016, the fine will be $695 per person or 2.5 percent of their income. The IRS’s rules explain what is considered the minimum level of coverage. The IRS also decided that people who get insurance through their union or a temporary staffing agency will not be penalized under the law.



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