Lawmakers are staring down what to do in the pre-election months remaining in 2026. Among the possibilities is an all-GOP budget bill that could include new tax cuts and/or revenue-raising tax hikes. A new retirement program and a possible change to capital gains tax rules might be among them.

On March 6, Treasury and the Internal Revenue Service (IRS) released proposed regulations (IR-2026-31) on the section 530A, also known as Trump Accounts for Children Pilot Program. The proposed regs focus on eligibility and on payments from the government into the accounts. More proposed regs on other related issues are expected in the near term.

NAIFA is working with the Treasury Department on ways to promote elections to create the section 530A/Trump Accounts for Children through the assistance of financial professionals.

On February 24^, NAIFA President Christopher Gandy, along with NAIFA’s Government Relations team, met with Treasury staff to discuss the implementation and rollout of the Trump Accounts, newly established tax-deferred investment accounts for children under age 18, created in the tax law enacted last summer.

President Trump used his February 24 State of the Union (SOTU) speech to lay out his view of his accomplishments in 2025. There was little in the way of his vision for 2026.

Sen. Bernie Sanders (I-VT) and Rep. Ro Khanna (D- CA) have introduced a bicameral bill that would impose a five percent tax on billionaires' wealth.

On March 2, one of the Senate's leading progressives, Sen. Bernie Sanders (I-VT), introduced a new wealth tax bill that would collect, he said, $4.4 trillion from the nation's almost 1,000 billionaires. The bill would allocate the revenue raised to social purposes like subsidizing the cost of health care/insurance.

In his State of the Union speech on Feb. 24, President Trump called for an as yet undefined new retirement savings program for those whose employers do not offer an employer-sponsored retirement savings plan. He did not get into details, and Hill knowledge of his plan is extremely limited. However, speculation (some at least somewhat informed but some just guesses) is rampant.

Two Senate Committee chairs wrote to Treasury to tell them to cut capital gains tax liability by adjusting calculations of basis to account for inflation. The two Senators argue that it is unfair to include gains due to inflation in the calculation of taxable gain. They also noted that adjusting capital asset basis to reflect gain due to inflation would help with the GOP priority of making housing more affordable.

NAIFA joined a trade association coalition in sending a letter to House Majority Leader Steve Scalise (R-LA) urging Congress to pass legislation to strengthen the Regulatory Flexibility Act (RFA) to reduce the impact of burdensome regulations on small businesses. NAIFA further urges Congress to enact long-term solutions during the 119th Congress that reduce regulatory compliance burdens and red tape for small businesses.

Treasury Secretary Scott Bessent delivered remarks at the Financial Literacy and Education Commission, which he chairs, stating his desire “to improve financial literacy and education for all Americans in partnership with private and non-profit sector partners.”

“I have long believed that financial education is most powerful when it is lived, not just taught,” he said, echoing sentiments recently expressed by NAIFA President Christopher Gandy. In an InsuranceNewsNet column, Gandy wrote:

On February 26, 2026, the U.S. Department of Labor released its newly proposed independent contractor rule to determine whether workers are employees or independent contractors under the Fair Labor Standards Act.

Lawmakers from both parties in both the House and the Senate and the Administration have begun work on a health package for Congress to consider now that the federal government has reopened. At the heart of these efforts are negotiations on whether and if so, how to extend expiring Affordable Care Act (ACA) enhanced premium tax credits (PTCs).

The Department of Labor (DOL) has dropped its appeal of the court decision staying implementation of the agency’s fiduciary rule. This is a clear and important win for NAIFA. NAIFA along with four of its Texas chapters, the American Council of Life Insurance, and several other trade associations are plaintiffs in the lawsuit.

On December 11, the House passed H.R. 3383, The INVEST Act, a bipartisan bill to expand investment options, empower entrepreneurs and small businesses, and provide Americans with the opportunity to more freely invest.

On December 2, the Treasury Department and the Internal Revenue Service (IRS) released initial guidance, Notice 2025-68, on new child savings accounts (Trump accounts, also called 530A accounts).

On November 25, the Centers for Medicare and Medicaid Services (CMS) issued a proposed rule for Calendar Year (CY) 2027 that would make significant changes to the marketing rules governing advisors on Medicare coverage. The changes would rescind some of the onerous Biden-era regulations that made working in the Medicare space more difficult. The proposal came after a CMS-NAIFA meeting to outline the value professional advisors provide to those making Medicare purchasing decisions.

On December 9, Treasury and the IRS released Notice 2025-119, guidance that summarizes the health savings account (HSA) expansions enacted in last summer’s tax and spending cuts reconciliation law. In Q&A form, the guidance clarifies what the terms mean and how the rules work.

Just before Thanksgiving, the Centers for Medicare and Medicaid Services (CMS) released its proposed Medicare Advantage (MA) and Medicare Part D (prescription drug) plan rules for calendar year (CY) 2027. Generally, the proposal revises CMS’ star rating system, modifies enrollment rules for individuals whose providers are leaving their current plan, and requests comments on MA program improvements.

In recent weeks a number of new, relatively narrow retirement savings plan proposals have emerged. Among them is a provision in the INVEST Act, H.R.3383, which NAIFA supports. Among other provisions, the INVEST Act would amend securities law to allow 403(b) plan participants to choose to invest in collective investment trusts (CITs) and separate account insurance products. The necessary tax law changes were made in SECURE 2.0. The House approved the bill on December 11. See details in story above.

On November 20, the House Education and the Workforce (EWF) Committee favorably reported (sent to the full House for a vote) bills that would allow compensatory overtime (OT), and codify the PAID self-audit program. The 19 to 15 vote to advance the bills was largely party-line.

The Internal Revenue Service (IRS), in Notice 2025-69, has issued more guidance on the tax deduction for qualified overtime (OT). Even with this Notice, though, official guidance—especially for tax year 2025—is still skimpy. In the meantime, experts offer important clarifications that will be helpful to employers with employees who may qualify for the tax deduction.