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3 min read

House, Senate GOP Tax Writers Begin Focused Work on Major 2025 Tax Bill

By NAIFA on 6/14/24 2:44 PM

House Ways & Means Committee Republicans have formed ten issue-specific “tax teams” to work on what to include in the looming 2025 major tax bill. Senate Finance Committee Republicans will tackle these issues in six “working groups.” Both say they “may” include Democrats in their deliberations at some point, but for now, it is an all-GOP effort.

Topics: Education Legislation & Regulations Taxes Debt Congress
2 min read

Revenue Looks to Become a Major Element of 2025 Tax Bill

By NAIFA on 6/14/24 2:43 PM


Recurring revenue estimates of the cost of extending the expiring 2017 tax cuts suggest that revenue will play a major role in the debate over the upcoming tax bill in 2025. After at least five revenue estimates, all covering a 10-year period that includes 2028, projections of the revenue lost due to current tax rules keep going up.

Topics: Legislation & Regulations Taxes Debt Congress NAIFA
1 min read

House-Passed Tax Bill Remains Stalled in the Senate

By NAIFA on 6/14/24 2:40 PM

The House-passed tax bill, H.R.7024, remains stalled in the Senate. However, its chief Senate sponsor, Sen. Ron Wyden (D-OR), says the bill is not dead. Sen. Wyden says he continues to work with Senate leadership to schedule Senate floor time on the bill.

Topics: Legislation & Regulations Taxes Congress
1 min read

SCOTUS Ruling Narrows Buy-Sell Agreement Tax Benefits

By NAIFA on 6/14/24 2:38 PM

In Connelly vs. United States, the Supreme Court (SCOTUS) ruled that life insurance proceeds increased the value of a closely held business’ stock and therefore had to be included in valuation of the company for estate tax purposes. The ruling impacts some buy-sell agreements where the life insurance is owned by the company rather than by the individuals who own the company.

Topics: Life Insurance & Annuities Taxes SCOTUS
2 min read

NAIFA Congressional Conference Participants Educate Lawmakers

By NAIFA on 5/15/24 2:02 PM

NAIFA’s May 20-21 Congressional Conference participants will fan out over Capitol Hill to educate lawmakers on key issues impacting NAIFA members and their clients. Several hundred participants from almost every state and Congressional District will also establish and grow the constituent-lawmaker relationships that are so key to favorable legislative outcomes.

Topics: Education Retirement Taxes Financial Literacy Congress Congressional Conference
2 min read

Impending Major Tax Bill Raises Multiple, Difficult Issues

By NAIFA on 5/15/24 1:59 PM

There will be a major tax bill in 2025, as both Republicans and Democrats contend with the looming expiration of most of the current tax code’s individual and estate tax rules. Scheduled for expiration at the end of 2025 are income and capital gains tax rates for individuals as well as the current $12+ million exemption from the estate tax. Tax policy will play a key role in the debate, but so will revenue—the cost of extending the 2017 rules is astronomical. And lawmakers are already looking at other tax issues—like, for example, the corporate tax rate—that are not scheduled to expire but are intrinsic to both tax policy and revenue issues.

Topics: Taxes Debt Congress
2 min read

Ways & Means Questions Treasury Secretary Yellen on Biden Budget, Impending Tax Bill

By NAIFA on 5/15/24 1:55 PM

The House Ways & Means Committee held a hearing on April 30 with Treasury Secretary Janet Yellen as the sole witness. The hearing focused on the Biden budget tax proposals, and on the issues surrounding the scheduled expiration of the 2017 individual and estate tax rules.

Topics: Legislation & Regulations Taxes Congress
2 min read

Ways & Means Holds Hearing on TCJA and Its Expiring Tax Cuts

By NAIFA on 4/15/24 3:29 PM

The tax-writing House Ways & Means Committee held a hearing on April 11 on the TCJA and its expiring individual and estate tax provisions. Predictably, the hearing showcased GOP support for extending the TCJA’s individual and estate tax rules that expire at the end of 2025. Democrats, on the other hand, called for more taxes to be paid by corporations and “the rich.”

Topics: Legislation & Regulations Taxes Congress
2 min read

Senate Opposition Grows to Quick Vote on House-Passed Tax Bill

By NAIFA on 4/15/24 3:17 PM

Republican Senators are growing increasingly reluctant to vote any time soon on the House-passed bill that would, among other things, allow for more generous business equipment depreciation and business loan interest deductibility. The bill would need 60 votes, and therefore at least ten Republicans, to pass the Senate. However, some key GOP Senators are demanding changes, while others urge waiting until next year when they think they will be in a stronger position.

Topics: Legislation & Regulations Taxes Congress
1 min read

Senate and House Democrats Reintroduce Bicameral Wealth Tax Bill

By NAIFA on 4/15/24 2:54 PM

Sen. Elizabeth Warren (D-MA) and Reps. Pramila Jayapal (D-WA) and Brendan Boyle (D-PA) have reintroduced their wealth tax legislation that would impose increased tax liability on the ultra-wealthy. The bill would impact taxpayers with household income in excess of $50 million.

Topics: Legislation & Regulations Taxes Congress
1 min read

IRS Proposes New, Narrower CRAT Rule

By NAIFA on 4/15/24 2:33 PM

On March 19, the Internal Revenue Service (IRS) proposed a new rule governing charitable remainder annuity trusts (CRATs). The new rule, if finalized, would curtail the use of CRATs as a tax avoidance mechanism.

Topics: Taxes IRS
3 min read

Biden State of the Union Speech Tees Up Huge Issues for 2024 and 2025

By NAIFA on 3/15/24 4:34 PM

President Biden’s March 7 State of the Union (SOTU) speech teed up a raft of issues important to NAIFA members and their clients. These are issues that will shape the pre-November election campaigns and the Congressional agenda for both 2024 and 2025.


Topics: Legislation & Regulations Taxes Federal Advocacy PRO Act
6 min read

Biden Budget: $4.9 Trillion in Tax Increases, Some Hit Life Insurance

By NAIFA on 3/15/24 4:27 PM

The $7.3 trillion Fiscal Year (FY) 2025 Biden budget proposal, released March 11, includes $4.9 trillion in new taxes—mostly in corporate and “tax the rich” proposals—with $3 trillion of that allocated to deficit reduction. The budget spending proposals for FY 2025 are in line with the spending targets set in last year’s Fiscal Responsibility Act (FRA). According to the budget documents, it would reduce the deficit by some $3 trillion over ten years.


Topics: Legislation & Regulations Taxes Congress
4 min read

House Approves New $78 Billion Tax Bill

By NAIFA on 2/15/24 12:36 PM

On January 31, the House of Representatives passed a $78 billion tax package, H.R.7024, the Tax Relief for American Families and Workers Act. The bill contains some provisions that may be helpful to NAIFA members, i.e., increased expensing, a higher reporting threshold, and larger business loan interest deductibility. It also contains, as an offset, a provision that cuts off new ERTC claims.

Topics: Legislation & Regulations Taxes Congress
2 min read

Tax Lobbying Ramps Up in Anticipation of Major Tax Bill in 2025

By NAIFA on 2/15/24 12:25 PM

The individual income, capital gains, and estate tax rules enacted in 2017 expire at the end of 2025. These were significant tax cuts and already Congress and the private sector are gearing up for a major battle over which of these rates and rules should be extended or allowed to sunset. One such rule that is key to many NAIFA members is section 199A, the 20 percent deduction for certain noncorporate business income.

Topics: Legislation & Regulations Taxes Congress
3 min read

Congress Returns to Difficult Times

By NAIFA on 1/16/24 3:25 PM

When the first session of the 118th Congress ended last month, lawmakers left undone controversial and pressing business that will make January a difficult month. Pending are government funding, international aid, and expiring law issues on which there is as yet little or no consensus. Caught in the crosshairs are a tax package with provisions of interest to NAIFA members, extension of the National Flood Insurance Program (NFIP), and proposals to defund regulatory initiatives like the fiduciary-only rule.

Topics: Legislation & Regulations Taxes Congress DOL SECURE 2.0 Fiduciary
6 min read

Government JCT Releases Latest Tax Expenditure Report

By NAIFA on 1/16/24 3:25 PM

Last month, Congress’ Joint Committee on Taxation (JCT) released its annual “tax expenditure report.” This is a list of many tax code rules that result in the government not collecting tax on what would otherwise be taxable income. Many of these rules directly benefit life and health insurance, retirement savings, employer-provided benefits, and general investments.

Topics: Retirement Legislation & Regulations Taxes Debt Insurance Congress
3 min read

ERTC Faces More Scrutiny

By NAIFA on 1/16/24 3:24 PM

Treasury and the Internal Revenue Service (IRS) have announced increased enforcement in connection with employee retention tax credit (ERTC) claims. The agencies are warning about more scrutiny as a result of what they call massive fraud in the pandemic-era tax rule. Now, some in Congress are pushing back, concerned that legitimate claims are not being paid as a result of this increased scrutiny. In addition, Congressional tax writers are looking at the ERTC as a possible source of offsetting revenue for the emerging tax bill (see story below).

Topics: Legislation & Regulations Taxes Congress IRS
3 min read

Congress to Consider Tax Legislation in 2024

By NAIFA on 1/16/24 3:23 PM

Currently there are two principal tracks for tax legislation in 2024. The first is an emerging $78 billion package aimed at providing a combination of business and individual tax relief in certain discreet areas. The second is a bigger picture bill that would address the fact that more than half the tax code is scheduled to expire at the end of 2025. Both have significant implications for NAIFA members and their clients.

Topics: Legislation & Regulations Taxes Congress
1 min read

Ways & Means Subcommittee Examines TCJA Tax Cut Extensions

By NAIFA on 12/15/23 2:07 PM

On December 6, the tax-writing House Ways & Means Committee’s Subcommittee on Tax Policy held a hearing to look into extending those 2017 Tax Cuts and Jobs Act (TCJA) individual and estate tax provisions that are set to expire as of 2026. There was, of course, the predictable partisan squabbling over “tax cuts for the wealthy” as compared to “tax cuts that stimulate economic growth.” But there was also considerable evidence that there is bipartisan support for a fair number of the TCJA’s provisions, and for some other tax cut ideas.


Topics: Taxes Congress