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Except that it will punish working class people.
Here is how it will work: Person X is self-employed, unemployed, underemployed, or even just works in some shitty job that doesn't give health insurance. When X tries to get insurance, he or she discovers that the cheapest plan available is $10,000 a year, which X quite simply doesn't have. X then looks at the fine, which is maybe $3,000, and decides to just eat the penalty. What choice does X have, really?
So then what you end up with is millions of people who are out 3 grand every year, but still don't have health coverage. Additionally, people who do have jobs with benefits will have even more to worry about if they leave or lose their job, so they are even more dependent on their bosses. Small businesses and self-employed people will have even more of a disadvantage than they already do, and will be less able to compete against mega-business.
Additionally, it is more regressive taxation, as well as forcing Americans to subsidize the insurance industry at gunpoint, essentially.
Finally, this will generate so much anger, once people get these massive fines but still don't have health care, that they will just decide that "health reform" doesn't work, and that we should just go back to some kind of unregulated predatory system. Personally, I think this is the plan if this bill goes through. Look for a whole bunch of horror stories about people being destroyed financially by health mandates, along with the headline "Is Universal Health Care Killing Us?".
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