The $121 billion will come from drug companies, insurance companies and medical device manufacturers in order to help fund the expansion of health coverage, according to the report.
The Committee’s most recent estimates are higher than previous ones because the previous estimates assumed companies could deduct the fees from their corporate taxes, which the current plan will not allow.
The Committee’s senior member, Sen. Charles Grassley (R-Iowa), said the higher taxes would be “passed on to consumers in the form of higher premiums and healthcare costs,” according to the report.
Read the Reuters’ report on health company fees.
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