U.S. Senator Bill Cassidy, M.D. (R-LA), a member of the Senate Finance Committee, released the following statement today regarding the committee’s ongoing markup of the Tax Cuts and Jobs Act, legislation that would cut taxes for working families in Louisiana:
“Repealing the individual mandate as part of tax reform will provide working families in Louisiana with even more tax relief. In 2015, more than 100,000 Louisianans paid a fine for not having health insurance. About 37 percent made less than $25,000 a year, and 78 percent made less than $50,000. Getting rid of Obamacare’s tax on people who choose not to buy a plan or can’t afford the premiums is the right thing to do. It’s also another step toward our promise to improve our health care system. I will continue working with my Finance Committee colleagues to make our tax cut bill even better for working families.”
According to the Obamacare website, the 2017 tax for not having health insurance is $695 per adult and $347.50 per child under 18, or 2.5 percent of your household income, whichever is higher. The penalty rises every year with inflation.