To offset the cost of President Trump's proposed tax cuts, House Republicans are exploring the idea of taxing employer-provided benefits such as transportation, free food, and on-site gyms. This controversial proposal faces political challenges and could impact worker morale and productivity.
House Republicans are considering treating work benefits such as employer-provided transportation, free food and on-site gyms as a new source of taxable income to help pay for President Trump's tax cuts.
Workers are returning to the office in greater numbers, and many may soon find that certain employer-provided benefits that go along with that commute are worth a lot less, or even disappear entirely.a list of potential measures to help compensate for lost revenue from trillions of dollars in tax cuts championed by President Donald Trump. Taxing employees for fringe benefits such as employer-provided transportation, free food and on-site gyms is up for discussion.
Taxing employees for fringe benefits such as free access to on-site facilities like gyms and certain employer-provided meals and lodging has been debated before, but it"has never made it very far," said Thomas Godwin, a professor at Cornell University's SC Johnson College of Business."It's something that, for Congress, your constituents really feel, even if it's just a little bit," he said.
Some companies might stop offering certain or all affected fringe benefits altogether."Administering this would be very difficult if they were to go forward with it," Martin said. Dropping benefits that workers have grown accustomed to, however, can cause other problems for employers.Messing around with benefits employees have enjoyed for many years can be a recipe for disaster when it comes to morale and worker productivity.
TAXATION EMPLOYEE BENEFITS REPUBLICANS TRUMP TAX CUTS FEDERAL DEFICIT
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