IRS Obamacare Power of the Day: 40% Tax on Health Insurance
Throughout the summer, Americans for Tax Reform will be highlighting the most outrageous new powers that the IRS will have under the Obamacare law. According to a report from GAO, the IRS is tasked with nearly four dozen new powers under that law. Each day, one will be selected for a brief review.
Obamacare imposes a new 40 percent excise tax on high cost or “Cadillac” health insurance plans, effective in 2018. This tax increase will most directly affect union families and early retirees, who are likely to be covered by such plans.