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Return of ACA insurer tax will bring in $15.5 billion

Insurers pass on the ACA tax in premiums. Photo: Helen H. Richardson/The Denver Post via Getty Images

Health insurance companies will have to pay $15.5 billion next year if the Affordable Care Act's tax on insurers resumes as planned, the IRS said in a notice on Tuesday.

The big picture: Insurers hate the tax because it eats into profits, and companies pass along the costs to consumers through higher premiums. The industry has a few months left to persuade lawmakers to delay or kill the tax.

Go deeper

Orion Rummler
2 hours ago - Health

U.S. surpasses 25 million COVID cases

A mass COVID-19 vaccination site at Dodger Stadium on Jan. 22 in Los Angeles, California. Photo: Mario Tama/Getty Images

The U.S has confirmed more than 25 million coronavirus cases, per Johns Hopkins data updated on Sunday.

The big picture: President Biden has said he expects the country's death toll to exceed 500,000 people by next month, as the rate of deaths due to the virus continues to escalate.

Go deeper (1 min. read)Arrow
Mike Allen, Jim VandeHei
4 hours ago - Politics & Policy

GOP implosion: Trump threats, payback

Spotted last week on a work van in Evansville, Ind. Photo: Sam Owens/The Evansville Courier & Press via Reuters

The GOP is getting torn apart by a spreading revolt against party leaders for failing to stand up for former President Trump and punish his critics.

Why it matters: Republican leaders suffered a nightmarish two months in Washington. Outside the nation’s capital, it's even worse.

Go deeper (1 min. read)Arrow
Erica Pandey, author of @Work
6 hours ago - Economy & Business

The limits of Biden's plan to cancel student debt

Data: New York Fed Consumer Credit Panel/Equifax; Chart: Axios Visuals

There’s a growing consensus among Americans who want President Biden to cancel student debt — but addressing the ballooning debt burden is much more complicated than it seems.

Why it matters: Student debt is stopping millions of Americans from buying homes, buying cars and starting families. And the crisis is rapidly getting worse.

Go deeper (1 min. read)Arrow