National Association of Insurance and Financial Advisors

Tax-Writing House Democrat Introduces Estate Tax Bill

November 15, 2019

On October 24, Rep. Jimmy Gomez (D-CA), supported by 37 cosponsors, introduced legislation to expand the estate tax. Rep. Gomez, a member of the tax-writing Ways & Means Committee, characterizes his bill as a way to address income inequality.   The bill, H.R.4857, is titled the “For the 99.8% Act.” A companion bill, S.309, introduced by Sen. Bernie Sanders (I-VT), is pending in the Senate.   The bill would take the top estate tax rate to 77 percent, on estates valued at over $1 billio...

Senate Tries—and Fails—Again to Enact SECURE Act—

November 15, 2019

On November 7, the Senate again tried to pass H.R.1994, the SECURE Act, by unanimous consent (UC). Again, objections (largely unrelated to the legislation itself) were heard, thus preventing enactment. A letter from 51 NAIFA members from each State and the District of Columbia, representing a wide range of metropolitan and rural areas and businesses large and small, went to Senate leadership, urging enactment. And NAIFA signed on to a multi-industry letter to Senators asking them to enact the...

Congress Scrambling to Fund the Government amidst Impeachment Stress

November 15, 2019

Congress is finding it difficult to find the compromises that will allow for a government funding bill that can also change policy. To date, none of the 12 required appropriations bills have passed. And Congress has all but thrown in the towel on the effort to do a funding bill prior to the November 21 deadline. So, it appears that another continuing resolution (CR)—with no policy changes—will be needed, or the government will shut down.   The House has passed 10 of the 12 regular-order a...

Democrats Float New Tax Proposals Mostly Focused on “Tax the Rich”

November 15, 2019

Democrats are bursting with new tax ideas, most of them targeting high-income individuals. Virtually all the candidates for the Democratic nomination for President are proposing tax increases, including wealth taxes and hikes in the corporate and top individual income tax rates. By contrast, President Trump is floating the possibility of further tax cuts.   Among the tax proposals offered in the past few weeks are:   Increase the top individual tax rate—usually back to the pre-Tax Cu...

Senate Rejects Roll-Back of State STLD Health Plan Rules

November 15, 2019

On October 30, the Senate rejected Democrats’ effort to roll back the Administration’s 1332 waiver rule that allows states to permit expanded short-term limited duration (STLD) health insurance. The vote came under the auspices of the Congressional Review Act (CRA), a process that allows Congress to undo a regulation, within specified time constraints, that it does not like. A CRA vote requires only a simple majority to succeed.   The Senate voted 43 to 52 against the CRA motion brought b...