President Obama’s health care law took effect three years ago. Since then, Americans have watched their health insurance premiums continue to rise. Now, they’re about to get hit again unless Congress repeals one of ObamaCare’s most expensive tax increases.
The president’s health care law included more than $1 trillion worth of tax hikes. One of those is the health insurance tax, also referred to as the “HIT.”
Washington will start charging the tax next January – almost four years after the bill became law. This new tax is another example of how President Obama and Democrats in Congress designed for the painful parts of the law to kick in years later.
Over the next 10 years, this tax will amount to $102 billion.
While insurance companies are responsible for paying the tax, it’s clear that they will pass most of the expense on to their customers.