American presidential politics: Like clockwork every four years, we evaluate candidates and focus on November.
It can be an invigorating and inspiring time, but it can also be confusing.
The issues are always complex and this election year is no exception.
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For employers, staying on top of candidates' positions is especially important. Many election issues play a role in the day-to-day running of a business.
In November, we'll know which candidate will be our next president. But, in the interim, let's take a look at each of the major candidates' positions on key issues affecting the workplace.
The Affordable Care Act
Hillary Clinton
Expand the ACA, including access to all families regardless of immigrant status
Provide eligibility for a refundable tax credit for substantial out-of-pocket costs
Offer a public-option insurance plan
Permit individuals age 55+ to voluntarily buy into Medicare
Incentivize states to expand Medicaid
Donald Trump
Repeal Obamacare and implement free market principles
Eliminate the individual mandate
Allow income tax deduction of health insurance premiums
Increase the use of health savings accounts paired with high-deductible health insurance
Changes to the ACA – or a repeal of the program all together – would have a cascading effect on benefits.
The Federal Minimum Wage
Hillary Clinton
Increase the federal minimum wage to $12 per hour
Encourage states, cities and workers to go even higher through bargaining, including a $15 minimum wage where it makes sense
Donald Trump
Raise federal minimum wage or
Turn minimum wage over to the states
If enacted, cash flows will be significantly impacted and employers may need to plan for this change in the context of other expenses, such as their benefit programs. Consider an overall review of benefit programs to determine how voluntary benefits fit into the mix.
Paid family leave
Hillary Clinton
Guarantee up to 12 weeks of paid family and medical leave
Offer employees on leave at least two-thirds of their current wages, up to a ceiling
Use tax reforms to fund paid leave
Donald Trump
Position is silent/unavailable
Consider paid leave policies with group disability benefits to prevent overlapping coverage or gaps in coverage. If changes to paid family leave take place, look at existing leave programs holistically.
A number of other topics continue to bounce around Washington, D.C., including auto-enrolling employees in disability insurance, and tax-advantaged ways for employers to help employees pay down student debt. Keep apprised of activity on these issues.
One thing is certain: After November, employers will begin seeing emerging opportunities and challenges. Be prepared by knowing what's on the horizon, and envisioning how to make the transition smoother.
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