The Independent Insurance Agents & Brokers of America (Big “I”) released the following statement from Charles Symington, Big “I” senior vice president of external, industry & government affairs, on the two-year delay of “Cadillac” tax:
“The Big “I” was pleased to see another two-year delay of the ‘Cadillac’ tax included in the government funding legislation that President Trump signed into law. The tax has now been delayed until 2022. We would especially like to thank President Trump, Sens. Heller (R-Nevada) and Heinrich (D-New Mexico), and Reps. Kelly (R-Pennsylvania) and Courtney (D-Connecticut) for their work to secure this delay.
If enacted, this harmful tax would hit many of our small business members and their clients, potentially forcing them to choose between paying the tax or reducing benefits for their employees. Over time the tax would impact more individuals because the threshold is tied to a slow measure of inflation, creating a snowball effect that would do irreparable damage to the employee benefits marketplace. It is imperative that Congress continues to protect the employer-sponsored healthcare system for the 177 million Americans who depend on it. The Big ‘I’ supports full repeal of the ‘Cadillac’ tax and looks forward to continuing to work with the Trump Administration and leaders in Congress to ensure it never sees the light of day.”