(Bloomberg) -- A new bipartisan effort to cancel Obamacare’s Cadillac tax--the40 percent levy on high-cost health insurance plans--adds a wrinkleto an impending fight in Congress.

The repeal bill unveiled Thursday in the U.S. Senate by NevadaRepublican Dean Heller and New Mexico Democrat Martin Heinrichstands little chance of becoming law soon, especially with BarackObama in the White House.

Yet it demonstrates lawmakers’ frustration with the tax, whichtakes effect in 2018.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.