congressional budget office cost of obamacare

Repeal of all three taxes is also not paid for. Some health economists and experts lamented the repeal of the tax, though. But unions and employers both objected to having to pay a tax on their health plans, galvanizing bipartisan opposition in Congress. The Cadillac Tax was intended to both raise revenue to pay for ObamaCare and help lower health care spending by incentivizing employers to lower costs to avoid hitting the tax. None are currently in effect, but were poised to come back in the near future. Lawmakers in both parties have also opposed the taxes, and they were repeatedly suspended in the past. The repeal of those taxes is a major win for the health insurance industry and the medical device industry, which had lobbied for years against them. Those repeals cost $197 billion, $25.5 billion and $150.8 billion respectively, over 10 years, the committee estimated. The bipartisan year-end spending deal includes repeal of the 40 percent tax on generous “Cadillac” health insurance plans, the 2.3 percent medical device tax, and the Health Insurance Tax.

The analysis released Tuesday by Congress’s Joint Committee on Taxation, the companion of the Congressional Budget Office, analyzed the cost of repealing three taxes that were passed in ObamaCare as a way to help fund the law’s coverage expansion. The repeal of three ObamaCare taxes in the bipartisan government funding deal poised to pass Congress this week will deprive the government of $373.3 billion over 10 years, according to a nonpartisan analysis.

Congressional budget office cost of obamacare