NAIFA Issues Statement on Tax-Reform Legislation

Kevin Mayeux, CEO of the National Association of Insurance and Financial Advisors (NAIFA), issued the following statement on the Tax Cuts and Jobs Act:
 
“NAIFA is reviewing the legislation released today to ensure that the proposed changes to tax law would strengthen the private sector safety net that millions of Americans rely on for their financial and retirement security.
 
“NAIFA has been in the forefront of defending retirement savers and preserving the flexibility that they need to provide financial and retirement security for themselves and their families. NAIFA is pleased that the legislation introduced today does not impose new restrictions on traditional, pre-tax contributions. Preserving traditional plans is very important to NAIFA, our members, and American consumers, and it is a point we have emphasized in public communications and meetings with Congress and the administration.
 
“Tax reform is a complicated equation. We need to ensure that any proposed changes to retirement plans, workplace benefits, life insurance and annuities do not harm the 75 million American families who depend on these products for financial protection. Well-prepared families have adequate life, medical, long-term care and disability insurance, retirement savings and guaranteed income annuities to supplement Social Security benefits. NAIFA will continue its in-depth analysis of the current proposal and provide input to legislators to ensure that as a whole tax reform encourages Americans to plan for financial and retirement security for themselves, their families and their employees.
 
“NAIFA has been a key player in tax-reform discussions from the very beginning, and we will continue to lend our voice to the debate and help Congress and the administration as they develop legislation that promotes the role of the advisor and benefits American families and businesses. NAIFA is committed to continuing as a constructive participant in the legislative process to advance tax reform.”
 
  • Posted November 2, 2017 IN


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