Nancy Pelosi gushed they "made history" when the Congress passed the Affordable Care Act, aka "Obamacare".
Sure. As if it was a good history.
Today, SCOTUS (Supreme Court of the United States) ruled 5 to 4 with Chief Justice Roberts siding with the liberal judges in stating that "Obamacare"'s mandate that forces individuals to buy health insurance or face penalty is constitutional, but as a "tax". So the pathetic performance by Obama's Solicitor General in front of the Supreme Court didn't make a difference. Too bad.
Mr. Obama and his administration, and his party have been saying it is not a tax, but SCOTUS says it is. Obama's word on the SCOTUS decision? "Let's move forward..." Not a word about "tax".
The US stock market tanked on the news of the decision. Right now, tech-heavy Nasdaq is down 1.9%, Dow down 1.2%, S&P down 1.2%. The stock market, or what's left of it after incessant intervention and manipulation from the central bank, sees it correctly, for today, that it is a tax burden - the last thing that the economy needs right now.
Washington Post is a handy calculator to assess the impact on your household budget.
Using the calculator, if you have no insurance, 2 people in the household, annual adjusted gross income of $20,000 (barely above the federal poverty level), and you are married, you may be able to buy insurance in the federally assisted state insurance exchange for $800, or 4% of your gross income. If you do not buy the insurance, you will get penalized and required to pay the maximum fine of $1,390.
If your adjusted gross income is $40,000 (national average), then the cost of insurance at the insurance exchange will jump to $3,800, or 9.5% of your adjusted gross income. If you don't buy the insurance, you will be penalized with the same $1,390 fine.
If your adjusted gross income is $60,000, the cost of insurance at the insurance exchange will be $5,700, or 9.5% of your adjusted gross income. Penalty will be the same as in the previous two cases, at $1,390.
SCOTUS has decided it's all within the right of the Congress to tax citizens, as long as this Individual Mandate is a "tax".
GOP House Majority Leader Eric Cantor says a vote to repeal the law will be on July 11. Conservative media thinks the 2012 election has just become the 2010 election, a referendum on Obamacare.