National Association of Insurance and Financial Advisors

House GOP Offers Tax, Health and Reg Reform in Their 2017 Agenda

July 11, 2016

Over the first three weeks in June, House Republicans offered a six-part package of “detailed policy proposals” that will form the basis of House Members’ campaigns for reelection, and for the House GOP’s 2017 legislative agenda. The package includes a blueprint for tax reform, a report on how to repeal and replace the Affordable Care Act (ACA), regulatory reform and anti-poverty and national defense initiatives.   Following are summaries of what is in the health reform plan and the tax r...

House Republicans Release “Blueprint” for Tax Reform in 2017

July 11, 2016

House Republicans are recommending lower rates, a new tax on “business income,” repeal of all but two itemized deductions, significant tax-favored treatment of investment income, and a reworking of the corporate tax code. The recommendations are contained in the House GOP’s tax reform blueprint released on June 24.   Specific proposals in the tax reform blueprint include: Fewer and lower individual tax rates—there would be three tax brackets, 12 percent, 25 percent, and 33 percent. Pa...

House GOP Task Force on Health Reform Releases its ACA Repeal-and-Replace Plan

July 11, 2016

On June 22, the House Task Force on Health Reform released its report that recommends a complete repeal of the Affordable Care Act (ACA)—including, of course, the ACA’s individual and employer mandates, premium subsidies for health insurance purchased from a state or federal exchange (and creation of the exchanges themselves), and mandated health insurance minimum essential benefits.   The replacement would restore some of the ACA’s more popular provisions (e.g., the ban on lifetime and a...

House Sustains Obama Veto of Motion to Disapprove DOL’s Fiduciary Rule

July 11, 2016

On June 23, the House of Representatives failed to override President Obama’s veto of H.J.Res.88, the Congressional Review Act (CRA) motion to disapprove the Department of Labor (DOL) fiduciary rule. The 239 to 180 was well short of the two thirds majority needed to override the veto.   Under the Constitutional rules for a veto override, a two thirds majority is needed—that would have been 290 votes had the full House been present. With 15 Members not voting, a successful override on June...

Bank Reform Bill Would Impact SEC Fiduciary Rulemaking Project

July 11, 2016

A new banking reform proposal would impose additional requirements on any Securities and Exchange Commission (SEC) project to create a uniform fiduciary standard of care for broker-dealers. On June 23, House Financial Services Chairman Rep. Jeb Hensarling (R-TX) released a discussion draft of a banking reform bill that would require the SEC to perform a rigorous cost-benefit analysis and report to Congress, prior to proposing a new rule, certain details about a proposed rule’s impact. Informa...