National Association of Insurance and Financial Advisors

GOP’s “Big Six” Releases Unified Tax Reform Framework

October 16, 2017

On September 27, the President’s and Congress’ top tax policy leaders released their “unified tax reform framework.” The framework contains some topline details—like lower corporate, business and individual tax rates, but leaves a plethora of important details to be decided by Congress’ tax writers.   The framework notes that the tax reform plan will eliminate “many” itemized deductions, but states that the new tax code would retain the deductions for mortgage interest and charitable cont...

What Is at Risk for NAIFA Members and Their Clients in Tax Code Rewrite

October 16, 2017

As Congress’ tax-writing committees start the tax reform legislative process, a number of issues could be at risk for NAIFA members and their clients. Among the issues NAIFA is watching most closely are retirement savings tax rules, business income tax rules, and possibly tax rules governing life and health insurance and annuities.   Retirement Savings : The GOP’s unified tax reform framework calls on the tax-writing committees to retain tax benefits for retirement savings, but specifies t...

Congress Attempts Aggressive Schedule for Enacting Tax Reform

October 16, 2017

Administration and Congressional leaders are aggressively attempting to enact into law a tax reform plan before the end of this year. The effort starts with enactment of a fiscal year (FY) 2018 Congressional budget, so that Congress can pass tax reform without any support from Democrats.   The process starts with enactment of a fiscal year (FY) 2018 budget with reconciliation instructions in it to allow for an all-GOP tax reform bill. Reconciliation is a budget law process that time-limit...

Trump Issues Executive Order to Allow Association Health Plans, Interstate Health Insurance Sales, and Reverse Short-Term Health Insurance Rules

October 16, 2017

On October 12, 2017, President Trump issued an executive order (EO) to instruct relevant federal agencies to write regulations that would allow inter-state sales of health insurance, facilitate the formation of “association health plans (AHP),” and potentially reverse the previous administration’s restrictions on short-term health insurance policies.    The EO directs the Departments of Health and Human Services (HHS), Labor (DOL) and Treasury to reinterpret existing regulations under the...

Administration Stops CSR Payments; Congress Considering Market Stabilization

October 16, 2017

President Trump added significantly to the crowded “must do” agenda Congress must tackle prior to year-end when he announced his Administration is stopping “unlawful” cost-sharing reduction (CSR) payments to health insurers. There is new pressure on Congress to fund the CSRs to avoid the premium hikes and exits from the individual health insurance market that most observers think are inevitable as health insurers grapple with the loss of $7 billion of CSR payments from the federal government....