King O is/was never a friend of corporations. The ACA Cadillac Rule is designed to scourge businesses which provide generous benefits to employees. The tax revenue was always destined to subsidize King O's redistribution plan and to punish success. This time, King O really screwed the pooch because the Cadillac Rule negatively impacts union members who boast some of the most generous benefit packages in corporate America.
The ACA Cadillac Rule is designed to scourge businesses which provide generous benefits to employees. The tax revenue was always destined to subsidize King O's redistribution plan and to punish success.
Obama isn't terribly bright, but even the most rabid leftists who do his thinking for him and draft the scripts for his teleprompter knew well that the ACA Cadillac Rule would generate almost $0 in revenue. They know this because they recognize that even crummy business owners are smart enough to know that there's no reason to pay a 40% tax on a benefit when it's much easier to just drop the benefit.
Keep in mind that most of the workers in the U.S. who have had these "Cadillac insurance plans" over the years are union employees of major U.S. corporations. "King O" has basically 'effed these union workers on behalf of these corporations.