Final answer:
The Affordable Care Act (ACA), also known as Obamacare, mandates organizations with 50 or more employees to provide health insurance. It is funded through various taxes, and despite challenges to its legality, was upheld by the U.S. Supreme Court.
Step-by-step explanation:
The act that mandates organizations with 50 or more employees to provide health insurance to their employees or face an assessment enabling employees to acquire their own health insurance is called the Affordable Care Act (ACA).
The employer mandate under the ACA requires all employers with more than 50 employees to offer health insurance. To fund the ACA, additional taxes were implemented, such as an increase in the Medicare tax by 0.9 percent, a 3.8 percent tax on unearned income for high-income taxpayers, an annual fee on health insurance providers, and other taxes including a 2.3% tax on manufacturers and importers of certain medical devices. Despite opposition and challenges to its constitutionality, the U.S. Supreme Court ruled in 2012 that the individual mandate is constitutional as a form of tax.