ACA Taxes Continue to Plague Employee Benefits
On Feb. 19, AGC endorsed bipartisan legislation introduced in the U.S. House of Representatives to repeal the 40 percent excise tax on employer-sponsored coverage, known as the Cadillac tax, and a Senate-introduced bipartisan bill to repeal the health insurance tax (HIT). While the Cadillac tax was initially intended to target “high cost” employer-sponsored health coverage, it is now estimated to impact the vast majority of employee benefits plans and force employers to cut or limit employee benefits. The HIT is a direct tax on fully-insured carriers which is passed along to the customer – small and mid-size businesses and the millions of hardworking Americans and their families that are enrolled in this type of employment-based coverage. Read the letters of support here and here.
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