About 6 million Americans would have to pay a penalty under President
Barack Obama’s health-care overhaul for failing to get insurance, the
nonpartisan Congressional Budget Office estimated.
The agency said it now expects about 50 percent more people to be
subject to the tax than it had previously anticipated. That’s partly because the
CBO said it foresees higher unemployment, which translates into more people
without employer-sponsored coverage.
It’s also a result of the U.S. Supreme Court decision in June
striking down the law’s requirement that states expand their Medicaid programs,
which will leave more uninsured Americans subject to the penalty, CBO
said.
“The bad news and broken promises for Obamacare just keep piling up,”
said House Ways and Means Committee Chairman Dave Camp, a Michigan Republican.
“This is yet another example of why we need to repeal this
law.”
The overhaul requires most legal residents to have coverage beginning
in 2014 or pay a penalty that would be $695 in 2016 or 2.5 percent of a
household’s income, whichever is larger. Most people wouldn’t be subject to the
tax because they already have coverage, such as through their
job.
A view of a Bank of America branch (file photo)
Major
US financial services corporation Bank of America plans to slash 16,000
jobs by the end of the year as part of an extensive cost-cutting
measure to make the institution more profitable.
Following the planned reduction in the Bank’s workforce, the multinational US company would no longer hold its current title as the American banking industry’s largest employer, the Wall Street Journal reported Wednesday.
The reported cost-cutting measure for the last six months of the year has been summarized in a financial document prepared for the Bank’s top administrators and described by the paper as “part of a larger effort to retool Bank of America into a leaner and more focused enterprise.”
According to the report, the planned reductions are geared towards making the second largest bank in the US take fewer risks and generate greater revenue from current clients.
Iranian
President Mahmoud Ahmadinejad on Tuesday joined a ceremony to unveil
indigenously-produced strategic biological medicine.
Iranian
President Mahmoud Ahmadinejad has attended a ceremony, held to
introduce new strategic biological medicine into the array of the
country’s indigenously-produced medications.
During the Tuesday ceremony, which was also attended by Iran's Health Minister Marzieh Vahid-Dastjerdi, eight such types strategic biological medicine were unveiled.
The medications included conjugated hemophilus influenza type B vaccine, used to prevent infantile meningitis, the recombinant factor VIII, used to cure hemophiliacs, and Trastuzumab, also known as Herceptin, used in breast cancer treatment.
Cities Weighing Mortgage Seizures Draw Attention in Washington
U.S. regulators and lawmakers are seeking ways to keep local governments from using the power of eminent domain to seize mortgages and cut borrowers’ debt, citing concern about the potential cost to taxpayers.
The issue, which will be the subject of a Mortgage Bankers Association symposium today, has gained attention in Washington after the city of Chicago and California’s San Bernardino County said they would consider confiscating home loans. No community has taken the step so far.
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