‘Rate Shock’? ObamaCare Launch Brings Renewed Concern Over Insurance Tax

New Year's Day marks the start of coverage under ObamaCare for millions of people -- but it also marks the start of a massive tax increase which could further inflate premiums.

Beginning Wednesday, the Affordable Care Act imposes an annual fee on health insurers. The fee is projected to bring in $8 billion next year and roughly $100 billion over the next decade, making it one of the biggest under the law.

The health insurance industry has been howling about the "tax" for years, and is trying to rally support for a bill in Congress that would repeal it. The bill, sponsored by Rep. Charles Boustany, R-La., has 229 co-sponsors -- which represents a majority of members in the House.

But the White House will fight any effort to repeal it, and for now the measure is in effect.

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