Confession time: I don't care whether Mitt Romney thinks the individual mandate is a tax or a penalty. And you shouldn't, either.
Here, via the Kaiser Family Foundation, is how the individual mandate works if we call it a tax: "Those without coverage pay a tax penalty of the greater of $695 per year up to a maximum of three times that amount ($2,085) per family or 2.5% of household income…Exemptions will be granted for financial hardship, religious objections, American Indians, those without coverage for less than three months, undocumented immigrants, incarcerated individuals, those for whom the lowest cost plan option exceeds 8% of an individual's income, and those with incomes below the tax filing threshold."
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