A group of insurers, employers and unions have formed an alliance to persuade Congress to repeal the Affordable Care Act's "Cadillac" tax, according to Business Insurance.
Here are five things to know:
1. The tax consists of a 40 percent federal excise tax on a group of healthcare premiums exceeding $10,200 for single coverage and $27,500 for family coverage. The tax will go into effect in 2018.
2. The Congressional Budget Office expects the tax to raise tens of billions of dollars in federal revenues.
3. Towers Watson & Co. projected the excise tax will affect 40 percent of employers with at least 5,000 employees that offer health plans. They project 82 percent will be affected by 2023.
4. Legislation, H.R. 2050, was introduced to the House of Representatives to repeal the excise tax.
5. Policy makers have yet to take any action on the proposed bill.
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