Sen. Orrin G. Hatch (R-Utah) reintroduced to eliminate the companies enacted through Section 10 the Act.
“This is yet another hidden healthcare arbitrarily created to pay for ,”Hatch said. “Raising taxes means higher costs for patients. Even worse, this also negatively impacts the ability for businesses to hire and grow.”
Section 10 imposes an or fee a carrier’s revenues over $25 million years. Self- and non-profit are exempt.
In 2015 the tax is estimated to total $11.3 billion, rising to $14.3 billion by 2018. According to the non-partisan Joint Committee on Taxation, the tax will total $100 billion between 2013 and 2021.
The bill has 19 co-sponsors, all Republicans. The sponsors of the bill did not say how, if the measure is successful, the revenues it would have generated would be replaced. A similar measure was introduced in 2013 when Democrats controlled the Senate; it died in committee.
