The 'Cadillac tax,' the health insurance tax and the medical device tax, briefly explained.
in 2017, the so-called"Cadillac tax" would have capped the tax deductions individuals could claim based on their health insurance benefits. It would have imposed a 40 percent excise tax on employer-sponsored plans that exceeded $10,000 in premiums per year for a single person or $27,500 for a family. The Cadillac tax was set to take effect in 2022.
The Cadillac tax had seen its fair share of opposition. It inspired the creation of a group called The Alliance to Fight the 40/Don't Tax My Health Care in 2015. According to its website, members of the"alliance" include such mammoth companies as AT&T and CBS, as well as some health non-profits like the Sickle Cell Disease Association of America, Inc.
In a press release, the Alliance to Fight the 40 formally thanked Congress for repealing the tax."This historic action shows the commitment from Congress to help keep health care coverage affordable for the 178 million Americans who get their health coverage from their employers," the statement read.Suspended in 2019, the health insurance tax will reappear in 2020 before disappearing for good in 2021.
Though paid by insurance companies, the tax was cited as a cause of rising insurance costs for consumers, as providers sought to recoup the expense by hiking premiums. Some groups, like the trade association America's Health Insurance Plan, had called for this tax's repeal because it made health care more difficult to afford"for the very people who need the most help affording health care."Finally, the medical device tax was a 2.
The House of Representatives continues to debate two Articles of Impeachment of President Donald Trump at US Capitol on December 18, 2019 in Washington, DC.
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