President Obama's new-and-improved Cadillac Tax isn't good enough, say those who worked to kill the previous incarnation of the controversial policy. 

Unveiled as part of his proposed 2017 budget, the new version of the tax would take into account regional differences in the cost of health insurance to determine the threshold at which an insurance plan would be subject to a 40 percent excise tax. 

Originally included in the Patient Protection and Affordable Care Act as a way to slow the growth of health costs by discouraging businesses from using generous health insurance policies, rather than wages, to compensate employees, the Cadillac Tax was decried by businesses that feared the loss of a major tax evasion strategy and unions that feared the loss of generous benefits that they have negotiated for their members.