BOST VOTES TO REPEAL OBAMACARE “CADILLAC TAX”
WASHINGTON, DC – U.S. Representative Mike Bost today voted for the Middle Class Health Benefits Tax Repeal Act (H.R. 748). This legislation, which Bost cosponsored, repeals the Obamacare 40% excise tax on certain employer-sponsored health insurance plans, known as the “Cadillac Tax.” The bill passed the House by a vote of 419-6 and now heads to the Senate for consideration.
“Employers provide, and unions negotiate, good private health benefits to help retain and reward working families,” said Bost. “Unfortunately, some of my colleagues in Congress want to do away with private health plans entirely in their pursuit of government-run, single-payer ‘Medicare for All.’ The Cadillac Tax is a central component of Obamacare that, like the individual mandate and medical device tax, undermines private health insurance and serves as a tax increase on the middle class. This means costlier health care for working families and less take-home pay. I will keep up my fight to prevent government from taking away the wages and benefits employees have earned through their hard work.”
The "Cadillac Tax" penalty would substantially raise the cost and reduce the value of private employer-sponsored health plans for working families. It’s applicable to private insurance plans with an actuarial value over $11,100 for an individual, and $29,750 for family coverage. Unless action is taken, the “Cadillac Tax” would begin in 2022, though plans must submit rates far in advance of this date.