The W-2 is required by law to be furnished to every employee, (by even the smallest business) no later the January 31st, many employers work hard to get it out in the first week so employee can get their tax refund faster. This will slow down the process, and there is no way you can explain all the different cafeteria plan elections in one box on a W-2. This will simply create more bureaucratic red tape at the worst possible time of the year.
Ninety percent of the workforce is NOT stupid. Whenever people have the luxury of shopping more then one potential employer, (rapidly disappearing in this job market) they always ask more questions about the benefits then the pay scale. You heard many people complain about being “married to their job” because of the benefits, that’s why they can’t afford to freelance on their own, or switch to a “more fun” job that had less benefits. They already understand the value. They do not understand their W-2. This serves no useful purpose to the employees; it’s just a power play of some legislator who wants to stroke his own ego.
