REPORT: Insurers, small businesses applaud bill to scrap Obamacare tax

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As the most reliable and balanced news aggregation service on the internet, DML News offers the following information published by WASHINGTONEXAMINER.COM:

After logging a victory in Congress to suspend a controversial Obamacare tax beginning in 2019, health insurers and small businesses are now setting their sights on 2020.

Both groups praised the introduction of the bipartisan Health Insurance Premium Reduction Act in the House on Thursday, which would lift Obamacare’s tax on health insurance in 2020. The bill was introduced by Reps. Kristi Noem, R-S.D., Jackie Walorski, R-Ind., Kyrsten Sinema, D-Ariz., and Ami Bera, D-Calif.

Insurers estimate that suspending the tax would reduce premiums by about 3 percent for consumers. A 2009 Congressional Budget Office analysis projected that the tax shifts costs to consumers in the form of higher premiums. Because of this, health insurers often refer to the provision as the “premium tax.”

The article goes on to state the following:

A business coalition that opposes the tax, called Stop the HIT, also praised the introduction of the legislation and cited an Oliver Wyman study projecting that the tax could save families $570 in premiums expenses each year.

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