Advocacy in action blog

NAIFA and a coalition of industry organizations has signed a joint letter to Congress urging lawmakers to protect a vital component of the federal tax code: the full deductibility of state and local business taxes known as the B-SALT (or C-SALT) deduction.

The Department of Labor has announced that it will not enforce a 2024 rule for determining employee or independent contractor classification under the Fair Labor Standards Act. That rule, put in place by the Biden Administration, is now under review by the Department and also faces several federal lawsuits challenging its validity. NAIFA opposed the 2024 rule.

NAIFA is hosting the 12th annual Congressional Conference May 19-20 in Washington, D.C. Day 1 of the event at the Westin DC Downtown will feature targeted advocacy training with briefings on legislative issues that affect financial professionals’ businesses, clients, and communities. Washington insiders at Congressional Conference will offer attendees best practices for conducting congressional meetings and tips for developing impactful long-term relationships with legislators.

The American Council of Life Insurers (ACLI) has launched a powerful new campaign spotlighting the life insurance industry's deep-rooted role in supporting American families and the nation’s economy. Titled “We Put Life Into America,”  the campaign highlights the many ways life insurers strengthen the country, not only by providing financial protection but also by investing over $8 trillion into the economy and paying nearly $200 billion to policyholders and beneficiaries in 2023.

American Council of Life Insurers (ACLI) President and CEO David Chavern and National Association of Insurance and Financial Advisors (NAIFA) Trustee Dennis Cuccinelli made the following comment on the best interest annuity rule approved today by the New Jersey Department of Banking & Insurance:

Recent news reports indicate that some congressional Republicans may be amenable to a so-called "millionaire tax" that would raise the highest federal individual income tax rate to around 40%. NAIFA opposes this proposal due to the harm it would likely cause hundreds of thousands of pass-through corporations. Many owners of these small, often Main Street, businesses organized as S corporations, partnerships, and sole proprietorships would face large tax increases. 

NAIFA has joined industry partners in urging congressional support for the SECURE Notarization Act, which would allow businesses and consumers to work remotely with notaries to execute critical documents. Often, signers must currently be in the physical presence of a notary to complete many transactions, including the signing of insurance and financial documents. These may include insurance claim forms, beneficiary request forms, change of ownership documents, affidavits, powers of attorney, living trusts, advance health care directives, and contracts, to name a few.

Family caregivers provide $600 billion in unpaid care each year, often impacting their own career opportunities or their families’ financial security. To help them cope with this burden, NAIFA strongly supports the bipartisan Credit for Caring Act, which would provide a $5,000 tax credit to offset out-of-pocket costs associated with home caregiving. These may include the cost of home modifications, health aides, adult daycare, medicines, transportation, and other support services.

Congress is looking to extend expiring provisions of the Tax Cuts and Jobs Act – which include reduced individual tax rates and a 20% deduction of qualified pass-through income for sole proprietorships, partnerships, and S-corporations – while at the same time creating new tax cuts President Donald Trump promised during his campaign. The Congressional Budget Office projects that extending the TCJA alone will cost around $4.6 trillion over 10 years. Lawmakers and the administration are looking to cover the cost by finding new sources of revenue and government spending cuts. We would be naïve to think the insurance and financial services industry will escape scrutiny.

Members of Congress need to understand that the products and services provided by insurance and financial professionals are part of the solution. Tax laws and other policies that encourage Americans to take control of their own financial well-being, plan for retirement, and mitigate life’s inevitable risks strengthen the economy and can reduce government spending. Insurance products and services also improve Americans’ quality of life by providing financial security and reducing financial worries. The results of two surveys, one by LIMRA and Life Happens and the other by ACLI, illustrate the points.

The U.S. Treasury Department's Financial Crimes Enforcement Network released an interim final rule that eliminates a beneficial ownership information (BOI) reporting requirement for U.S. businesses. The rule exempts domestic reporting companies and U.S. citizens and residents who are beneficial owners of foreign reporting companies.