WASHINGTON, D.C., January 23, 2018— The Independent Insurance Agents & Brokers of America (IIABA or the Big “I") today 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."
Founded in 1896, the Independent Insurance Agents & Brokers of America (IIABA or the Big “I") is the nation's oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products.