by Kevin Mayeux,
Congress is set to return from its August recess and begin efforts to implement meaningful tax reform for the first time since 1986.
More than any other issue, tax reform has the potential to impact insurance and financial advisors as well as the clients you serve. Ensuring that the tax code encourages rather than discourages those Americans making efforts to protect their families, prepare for retirement, and have access to health care has been a NAIFA priority for more than a hundred years. President Woodrow Wilson signed the first permanent income tax law in 1913, and NAIFA was there to see that the new measure did not unfairly impact consumers of life insurance products. Since then, largely due to NAIFA’s efforts, tax laws have come onto the books encouraging families to guard against financial threats, workers to save for retirement, and employers to provide employees with risk-protection benefits.
The threat we face today is real
House Ways and Means Committee Chairman Kevin Brady (R-Texas) recently said, "We are on track to deliver transformational, bold tax reform this year." House Speaker Paul Ryan (R-Wis.), Senate Majority Leader Mitch McConnell (R-Ky.), and the Trump administration have all said tax reform is a priority issue. They would love nothing more than to score a major legislative accomplishment.
Washington has not significantly reformed the tax code since the Reagan administration. That’s given everyone from lawmakers to special interests a lot of time to come up with ideas about how the government can generate revenue.
Any number of things crucial to the success of our industry and financial well-being of your clients could be in play:
- Retirement plans
- Life insurance and annuities
- Employer-provided benefits
- Capital gains
- Health insurance
That’s why NAIFA’s role as the industry’s leading advocacy voice, educating Congress on the vital role advisors and your products and services play for consumers, is more important than ever. It’s why your membership in NAIFA is more valuable than ever.
NAIFA Take 3: Tax Reform and an Advocacy Lesson
In NAIFA’s newest Take 3 video, NAIFA Senior Vice President of Government Relations Diane Boyle discusses the history of NAIFA’s advocacy success, the importance of educating Congress no matter what the political climate, and how NAIFA’s advocacy adds up for the benefit of advisors and your clients.
I encourage you to watch Diane’s video and share it with your colleagues – those who are NAIFA members and those who are not. Also, watch for a future NAIFA Take 3 specifically on the tax reform issue as well as other materials from NAIFA. This issue is simply too important to ignore.
No doubt, there is uncertainty about what shape tax reform might eventually take, but one thing is certain: NAIFA, as it always has, will provide a strong and consistent voice for the insurance and financial services industry on Capitol Hill and with members of the administration. We’ve been at this longer than any other association in the industry and have an unparalleled record of success. As always, rest assured that NAIFA has your back!