Individual Income Tax Filing: Health Care Individual Responsibility Payment
This dataset tracks individual income tax filing: health care individual responsibility payment over time.
Latest Value
4955223.00
Year-over-Year Change
-38.53%
Date Range
1/1/2014 - 1/1/2016
Summary
The 'Individual Income Tax Filing: Health Care Individual Responsibility Payment' trend measures the total dollar amount paid by U.S. taxpayers for the Affordable Care Act's individual mandate penalty.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This data represents the portion of individual income tax returns that reported a payment for lacking qualifying health insurance coverage, as required under the Affordable Care Act's individual mandate. It provides insight into compliance with the law's coverage requirements.
Methodology
The data is collected from annual U.S. individual income tax returns.
Historical Context
This metric is relevant for analyzing the impact and enforcement of the Affordable Care Act's coverage mandate.
Key Facts
- The individual mandate penalty was repealed starting in 2019.
- Payments peaked at $3 billion in 2017 before the repeal.
- Over 4 million taxpayers paid the penalty in 2017.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total dollar amount paid by U.S. taxpayers for the Affordable Care Act's individual mandate penalty, which required having qualifying health insurance coverage.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into compliance with the ACA's individual coverage mandate and can inform analysis of the law's impact and enforcement.
Q: How is this data collected or calculated?
A: The data is collected from annual U.S. individual income tax returns.
Q: How is this trend used in economic policy?
A: This metric is relevant for analyzing the effects and enforcement of the ACA's individual mandate, which was a key component of the healthcare reform law.
Q: Are there update delays or limitations?
A: The data is released annually with a lag, and the individual mandate penalty was repealed starting in 2019, limiting the ongoing relevance of this metric.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Health Care Individual Responsibility Payment (HCIRPT), retrieved from FRED.