U.S. President-elect Donald Trump speaks during an election night party at the Hilton Midtown hotel in New York, U.S., on Wednesday, Nov. 9, 2016. Trump was elected the 45th president of the United States in a repudiation of the political establishment that jolted financial markets and likely will reorder the nation's priorities and fundamentally alter America's relationship with the world. Photographer: Andrew Harrer/Bloomberg
The president’s stand on 10 key benefit issues
The inauguration of Donald Trump pushes key benefit issues to the spotlight. So where does he stand on healthcare costs, parental leave, the Affordable Care Act, minimum wage and other important workplace issues? Here’s what employers need to know.
U.S. President-elect Donald Trump, center, greets attendees during an election night party at the Hilton Midtown hotel in New York, U.S., on Wednesday, Nov. 9, 2016. Trump was elected the 45th president of the United States in a repudiation of the political establishment that jolted financial markets and likely will reorder the nation's priorities and fundamentally alter America's relationship with the world. Photographer: Andrew Harrer/Bloomberg
Trump supports consumer-driven health plans. And his proposed healthcare plan calls for tax-free HSAs and greater access and portability of CDHPs. Contrarily, Clinton did not express any expansion on the initiative.
He also supports a repeal of the Affordable Care Act’s Cadillac tax — excise tax on employer plans exceeding $10,200 in premiums per year for individuals and $27,500 for families.
Donald Trump, 2016 Republican presidential nominee, speaks as his daughter Ivanka Trump listens during the grand opening ceremony of the Trump International Hotel in Washington, D.C., U.S., on Wednesday, Oct. 26, 2016. The Trump Organization has eight hotels in the U.S. and seven in other countries. The Trump International Hotel Washington, D.C. is housed in the 1899 Romanesque Revival-style Old Post Office on Pennsylvania Avenue. Photographer: Andrew Harrer/Bloomberg
Trump has continually criticized the Affordable Care Act — especially in the wake of recent 25% premium increases and the withdrawal of several major insurers. He supports complete repeal of the ACA, including the individual mandate to have coverage. In lieu of requiring insurers to provide coverage to everyone regardless of health status, he said he would work with states to create high risk pools for individuals who have not maintained continuous coverage. In place of refundable premium tax credits, Trump would provide a tax deduction for the purchase of individual health insurance.
Still, Trump still wants to keep some parts of the law, including the pre-existing condition exclusion provisions.
Donald Trump, 2016 Republican presidential nominee, speaks during a campaign rally in Hershey, Pennsylvania, U.S., on Friday, Nov. 4, 2016. As the U.S. presidential race heads into its final weekend, Trump is showing strength in Iowa and Ohio pre-Election Day voting, while Hillary Clintons advantage in early balloting looks stronger in North Carolina and Nevada. Photographer: Andrew Harrer/Bloomberg
Trump proposes to increase consumer choice, provide individual tax relief for health insurance and keep plans portable and affordable. He also seeks to break health insurance company monopolies and allow individuals to buy insurance across state lines.
Donald Trump, 2016 Republican presidential nominee, speaks at the Economic Club of New York in New York, U.S., on Sept. 15, 2016. Trump is in "excellent physical health," according to his long-time doctor, Harold Bornstein, who on Thursday provided a range of details from the candidate's laboratory reports for the first time. Photographer: John Taggart/Bloomberg
Trump has said he “will do everything within my power” not to touch Social Security — that includes not raising the retirement age, cutting benefits, raising the Social Security payroll “tax cap” (the $118,500 ceiling on earnings subject to FICA taxes) or altering Social Security’s annual Cost of Living Adjustments.
Though retirement savings — or lack thereof — is a big area of concern for Americans, Trump has been fairly silent about what he will do to help.
Donald Trump, 2016 Republican presidential nominee, speaks during the Marcellus Shale Coalition conference in Pittsburgh, Pennsylvania, U.S., on Thursday, Sept. 22, 2016. Trump yesterday detailed his plan to dramatically reduce black-on-black crime in America, saying he would seek to expand a controversial stop-and-frisk program across the nation as president. Photographer: Andrew Harrer/Bloomberg
He has said the minimum wage should be up to the states but has also talked about a $10-an-hour federal floor.
Trump has been criticized for flip-flopping on the issue: The new president-elect said last year that men and women deserve “equal pay for equal work,” but later dismissed the idea of a gender pay gap.
Donald Trump, 2016 Republican presidential nominee, gestures during an event to discuss his economic plans at the Detroit Economic Club in Detroit, Michigan, U.S., on Monday, Aug. 8, 2016. Trump is promising the biggest overhaul to the personal income-tax code since Ronald Reagan, as well as a deep cut in the corporate tax rate. He's also pledging to end excessive regulation and lift restrictions on the nation's energy producers. Photographer: Sean Proctor/Bloomberg
Trump says the cost of prescriptions drugs needs to drop. He supports allowing government-run Medicare to set drug prices to reduce the growth in healthcare costs.
Donald Trump, president and chief executive of Trump Organization Inc. and 2016 Republican presidential candidate, right, takes to the stage as attendees hold signs during a campaign event in New York, U.S., on Monday, April 18, 2016. Trump is accused in a lawsuit of inciting a "virtual mob" to bully a female political strategist into silence after the fellow Republican questioned his fitness for office. Photographer: Ty Wright/Bloomberg *** Local Caption *** Donald Trump
Ty Wright/Bloomberg News
He promises “six weeks of paid maternity leave to any mother with a newborn child whose employer does not provide the benefit.” His plan outlined on his website does not mention if the policy applies to same-sex parents. He says his maternity leave policy will be completely paid for through the unemployment insurance program.
Donald Trump, president and chief executive of Trump Organization Inc. and 2016 Republican presidential candidate, waves as he arrives to speak during a campaign rally at Plymouth State University in Holderness, New Hampshire, U.S., on Sunday, Feb. 7, 2016. Trump, far from humbled by a second-place finish in the first presidential nominating contest, bet again on his forceful personality as he battled a combative audience in New Hampshire just days before the state's crucial first-in-the-nation primary. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Donald Trump
Childcare should not exceed more than 10% of a family’s budget, yet families below the poverty line spend nearly 30% of their income on childcare, according to the U.S. Census Bureau.
Trump’s childcare policy allows families with a stay-at-home parent to deduct the average cost of childcare from their taxes through an Earned Income Tax Credit. “For low-income individuals who have no net income tax liability, we will offer an expanded earned income tax credit, that’s EITC, in the form of a childcare rebate,” he says. “Working parents can get an expanded EITC benefit that equals up to half of their total payroll tax, a major relief for low-income parents.”
Donald Trump, president and chief executive of Trump Organization Inc., speaks while announcing he will seek the 2016 Republican presidential nomination at Trump Tower in New York, U.S., on Tuesday, June 16, 2015. Billionaire television personality and business executive Donald Trump formally began his Republican presidential campaign today in Manhattan, saying that the United States has become "a dumping ground for other people's problems." Photographer: Victor J. Blue/Bloomberg *** Local Caption *** Donald Trump
Victor J. Blue/Bloomberg
Dependent care savings accounts
Trump’s plan allows parents to contribute up to $2,000 to a tax-free dependent care savings account. Parents do not have to depend on their employer to set up an account for each of their children, and funds will remain in the account until the age of 18. “Whatever still remains at that time can be used to help offset the cost of higher education for your child,” says Trump.