As the Senate Considers Tax Reform, NAIFA Stresses the Importance of Insurance and Retirement Savings

Five U.S. Senate Finance Committee Tax Working Groups have been charged by Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) “to spur congressional comprehensive tax reform efforts in the 114th Congress.”
 
The Savings and Investments Working Group is expected to analyze and make policy recommendations on the tax treatment of a number of products important to NAIFA members and their clients, including life insurance, annuities, long-term-care insurance, disability insurance and qualified retirement plans.
 
NAIFA President Juli McNeely and Acting CEO Michael Gerber sent a letter to the working group co-chairs, Sens. Michael Crapo (R-Idaho) and Sherrod Brown (D-Ohio), explaining the importance of the current tax treatment of these products and of providing incentives for Americans to prepare for their financial futures.
 
“With federal entitlement programs and state and local budgets experiencing unprecedented stress, now is not the time to make it harder or more expensive for families to build their own financial safety net,” McNeely and Gerber wrote.
 
Tax reform will be a key issue that industry grassroots activists will discuss with their lawmakers during NAIFA’s 2015 Congressional Conference, May 19-20. The Congressional Congress is NAIFA’s premier federal grassroots political involvement event. Hundreds of insurance and financial advisors representing every state will gather in Washington to meet with their representatives in Congress and deliver NAIFA’s advocacy message.


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