Jeff Smith in Employee Benefit Adviser Article on How the Senate Bill Affects Employee Benefit Taxes
Employee Benefit Adviser reported that the Senate-passed tax legislation related to employee benefits doesn’t match the House’s bill. The media outlet reports that the Senate version could be less favorable to the existing employee benefit structure, but that this version is likely to win out in upcoming conference committee debate.
The article notes that legislation that could disrupt the existing benefit structure include the removal of certain transportation tax deductions, but more so the elimination of the Affordable Care Act’s individual mandate to buy insurance. The Senate pulled the plug on the Affordable Care Act’s individual mandate
Jeff Smith, a partner in the Cleveland office and a member of the Employee Benefits Practice Group, said the general theme of opposition to the ACA was, “Don’t make me do something I don’t want to do.” The Republicans in Congress failed at their goal of repealing the ACA, but killing the individual mandate could be a small victory.
You can read the entire article on the website of Employee Benefit Adviser.