The Internal Revenue Service on Friday unveiled its proposal to raise billions of dollars through annual fees on health insurers, a "$100 billion health insurance tax rule" that the industry says will significantly drive up costs for consumers.
The rule as part of the Patient Protection and Affordable Care Act imposes annual fees on health insurers that start at $8 billion in 2014, increases to $14.3 billion in 2018, and will increase every year after that. The Joint Committee on Taxation estimates the tax will exceed $100 billion over the next ten years.
The proposed rule will be published Monday for public consideration in the Federal Register. The IRS will accept comments for 90 days, beginning Monday.
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