Congress has voted to fully repeal the Cadillac (excise) Tax and the Health Insurance Tax. The legislation fully repeals the Cadillac Tax and repeals the HIT effective January 1, 2021, which means the HIT will still be in place for 2020. According to the Congressional Budget Office, repealing the Cadillac Tax will save consumers $197 billion, and the HIT repeal will save consumers $150 billion!
This is a major milestone in efforts to finally end these two ACA taxes and we thank all of you who have taken action to support these repeals. Please contact your Total Benefit Solutions, Inc account manager at (215)355-2121 if you have any questions or concerns.