By Elise Viebeck - 07/17/13 04:35 PM EDT
Insurers and small businesses argue the fee will raise premiums. It is expected to raise about $100 billion over 10 years to help fund ObamaCare's implementation.
Repeal supporters held a press conference Wednesday where they argued the tax will cut jobs.
"We need to end this assault on small businesses and relieve them from this job crushing law by repealing this health insurance tax and ObamaCare in its entirety," said Sen. Orrin Hatch (R-Utah).
—This post was updated at 1:15 p.m. with the partisan breakdown of the bill's cosponsors.