House votes to kill Cadillac Tax provision of Obamacare
BPC Staff Jul 18, 2019 | 4:22 pm
1 min read time175 wordsAll Latest News, Health & Wellness, Insurance & Investments
After two votes to delay the implementation of the ACA’s “Cadillac tax” on high-dollar employer-sponsored health insurance plans, the U.S. House of Representatives has voted to kill the provision altogether, BenefitsPro reported. The House on Wednesday approved the Middle Class Health Benefits Tax Repeal Act of 2019. The 40% excise tax on high-benefit employer plans is scheduled to go into effect in 2022. “The House action to repeal the Cadillac tax is welcome news for both employers and employees,” said Brian Marcotte, president and CEO of the National Business Group on Health. “It’s been our steadfast position that Congress should eliminate the excise tax. Any tax that raises the cost of health benefits will harm the millions of working Americans and their families who rely on and value employer-sponsored health coverage.” The Congressional Budget Office estimates that repeal of the tax will increase deficits by $197 billion over the next decade. A Senate version of the bill has more than 40 co-sponsors, but there is no plan to take up the issue at this date.