A 5-4 decision in the United States Supreme Court resulted in President Obama’s health care law’s individual insurance mandate being upheld as a tax. Under the law, people who do not have health insurance will have to pay 1 percent of their income to the IRS starting in 2014. If an individual doesn’t maintain health insurance, the consequence will be an additional IRS tax payment. The new law will give coverage to an estimated 32 million uninsured individuals. While much of the law will not go into effect until 2014, some parts have already been employed, such as children staying on their parents’ insurance until the age of 26. In 2014 states will set up their own health insurance exchanges and Americans will have to buy health insurance or pay the 1% penalty to the IRS. Full article here.