Support grows to repeal Obamacare 'Cadillac tax' - InvestmentNews
Republicans, Democrats, business organizations and unions rarely come together on any policy, but they are coalescing to try to stop a tax on high-premium health care plans. The unusual allies are targeting the so-called “Cadillac tax” in the health care reform law that is set to go into effect in 2018. Under the provision, a 40% non-deductible excise tax would be levied on employer-sponsored health care coverage that... 25 showing that 26% of U. S. employers offering health benefits could be subject to the Cadillac tax in 2018. The portion rises to 30% in 2023 and 42% in 2028, if they don't modify their plans. Unions are lining up behind the repeal effort because union-negotiated health care benefits are among the most generous workplace plans in the nation. Two bills have been introduced in the House: one by Democratic Rep. A Senate bill could be introduced in September, when the chamber returns from its summer recess. A measure to repeal the Cadillac tax could be included in so-called reconciliation legislation this fall. Additional provisions of such a bill might address other aspects of the health-care reform law. An August grassroots campaign by the U. S. Chamber of Commerce generated 12,429 letters to lawmakers — all 100 senators and 402 members of the House — opposing the health-care excise tax. The group, which is working with unions on the topic, plans to increase its efforts in September. Source: www.investmentnews.com
