Tax Penalty.....2014....$95 per adult & 47.50 per child. Max penalty $285
2015..........$325 per adult & 162.50 per child. Max penalty $975
2016........$695 per adult & $347.50 per child. Max penalty $2085
From an an article in USA Today "The IRS, which is in charge of enforcing compliance with the new insurance requirement, is accustomed to carrying big sticks. The first step it usually takes against tax scofflaws is to file public liens against them. Such a lien means the IRS has first dibs on any money you acquire", said Andy Grewal, a University of Iowa law professor who specializes in tax issues.
"The IRS could deduct the penalty amount from any tax refund you're due. But what if you're not due a tax refund"?
"It puts a cloud over all your assets," he said. "If there's a public record that the IRS is after you, no one's going to lend you money.
That means no mortgage, no car loan, no credit cards — until you settle up with Uncle Sam."
They may not be able to collect it but it will be hard to function in a credit based economy!!
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