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.
Ninety nine percent of the employers are NOT stupid; they use benefits as the carrot to attract talent. Why would Congress have to mess with it?
Employers are struggling with the high cost of health benefits; more bureaucratic red tape will always cost more for small business then large businesses on both a per employee basis and on the ratio of revenue generation productivity vs. dead weight overhead costs such as those that are killing US auto companies. More small businesses that can´t afford the rising cost will simply drop the benefits. This is clearly another idea dreamed up by the employees of overstaffed government and or union departments, looking for something to do, so they can justify their existence. (More dead weight on America's productivity.)
Congress has done nothing yet to extend their fat benefits packages to the working class, (Including their own private retirement plan that makes Social Security look like the joke it is.) now they look like the fox trying to stalk Little Red Hen. If they ever find out what the total cost of tax-free healthcare in the US amounts to, they will never have the will power to resist taxing these billions of dollars of benefits. Warning; search out this mole and throw (s)he out of office before the whole US economy goes down the tube with Detroit.
It's far simpler to publish annual statements with the company´s total cost (not only of healthcare but the myriad of other benefits they offer) and average cost per employee, but to make it a legal document (such as a W-2) with audit implications, which will force companies to spent far more money splitting hair to determine each individual employee's cost. Furthermore it could create animosity among employees by showing the difference between the cost of a young single worker vs. the higher cost of a married or significant other with children. This stupid idea amounts to nothing more then inciting discrimination.
