NAIFA Trustee, Wes Booker, LUTCF, loyal member since 2004 can be spotted all across SEC country when he is not serving his clients out of Maumalle, AR. Booker is an NCAA Football referee for the Southeastern Conference. Recently, he had the honor of serving as an official during the 12th Annual Congressional Football Game.
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NAIFA Trustee Wes Booker Officiates Congressional Football Game
By NAIFA on 11/12/21 4:40 PM
Topics: State Advocacy Member Spotlight Federal Advocacy Illinois
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Congress Passes an Infrastructure Bill, but Debate Continues Over BBB Social Spending Legislation
By NAIFA on 11/8/21 4:15 PM
The House of Representatives passed the bipartisan infrastructure bill by a vote of 228-206 with 13 Republicans voting in favor and six Democrats opposing. The vote came after an agreement amongst Democrats that the social spending bill, the Build Back Better Act, would come to the House floor the week of November 15 with no further changes (other than technical corrections). Then the BBB legislation would go to the Senate, where is will likely undergo several changes before coming back to the House for a second vote.
Topics: Retirement Planning Federal Advocacy Build Back Better Act Congress Tax Reform
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NAIFA Opposes Tax Increases for Main Street Businesses in Build Back Better Act
By NAIFA on 11/3/21 4:53 PM
NAIFA calls on Congress to reject tax hikes on Main Street businesses as the House of Representative sends the latest text of the Build Back Better Act to the Rules Committee. In a letter with other associations and business groups, NAIFA urges congressional leaders to reject the Build Back Better framework's tax increases on individual- and family-owned businesses.
Topics: Retirement Planning Federal Advocacy Build Back Better Act Congress Tax Reform
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Build Back Better at a Boiling Point
By NAIFA on 11/1/21 1:37 PM
The Build Back Better reconciliation bill is at a boiling point. Some Washington insiders are saying the House could vote on it this week. Others are skeptical that a final bill could come together that quickly. Either way, it will take considerably longer for the Senate to vote. The rules of reconciliation allow for time-eating “vote-a-rama” amendments as well as up to 50 hours of debate, and it is highly likely opponents of the measure in the Senate will take all that time. But things are hot and getting hotter. Here’s the state of play currently.
Topics: Retirement Planning Federal Advocacy Build Back Better Act Congress Tax Reform
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NAIFA Offers Comments to Senate Special Committee on Aging on Financial Literacy
By Mike Hedge on 10/29/21 8:41 AM
NAIFA submitted comments to the U.S. Senate Special Committee on Aging regarding an inquiry by Chairman Bob Casey (D-PA) and Ranking Member Tim Scott (R-SC). Both committee leaders are working together in a bipartisan way to examine issues that are of importance to the health, economic security, and well-being of older Americans and their families.
Topics: Federal Advocacy Build Back Better Act Congress Tax Reform
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President Biden Announces Build Back Better Framework
By NAIFA on 10/28/21 1:59 PM
Thursday morning President Biden released a Build Back Better framework and fact sheet outlining his social spending plan. The situation is still very fluid and it’s unknown if the centrists who have opposed previous spending and tax plans will support this version.
Topics: Retirement Planning Federal Advocacy Build Back Better Act Congress Tax Reform
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NAIFA Signs on to Letter Against Financial Accounts Reporting Proposal
By NAIFA on 10/25/21 5:20 PM
NAIFA, along with 100 business and trade associations, sent a letter to President Joe Biden expressing “strong opposition to the new tax information reporting regime proposed by the Department of Treasury and under consideration by Congress as part of the proposed reconciliation spending package.”
Topics: Retirement Planning Federal Advocacy IRS Tax Reform
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NAIFA Opposes Changes to Grantor Trusts in Legislative Proposal
By NAIFA on 10/17/21 9:15 PM
The reconciliation package now being considered by Congress includes dramatic changes to grantor trusts which are of significant concern to many NAIFA members and their clients, especially proposed changes to Irrevocable Life Insurance Trusts and the weak, ineffective “grandfather” provisions included in the reconciliation proposal. ILITs have been used for decades to help families of all sizes – not just the rich – address the expenses, income taxes, estate taxes, and gift taxes due at death. Life insurance policies inside these trusts provide the necessary liquidity to family heirs without the death proceeds themselves being included in the deceased’s taxable estate.
Topics: Retirement Planning Federal Advocacy Congress Opposed Legislation Tax Reform
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NAIFA Opposes IRS Reporting Proposal That Raises Cost and Privacy Concerns
By NAIFA on 10/15/21 5:45 PM
NAIFA has joined more than 100 organizations expressing privacy and cost concerns with a Biden administration proposal that would require financial services providers to track and submit to the IRS information on every account with deposits or withdrawals totaling $600 or more annually.
Topics: Federal Advocacy IRS Privacy Data Security
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SEC Chair Gensler Says He Is Committed to Reg BI
By NAIFA on 10/11/21 9:18 AM
NAIFA strongly supports the Securities and Exchange Commission’s (SEC's) Regulation Best Interest (REG BI) to protect investors and preserve the ability of financial advisors to serve the needs of Main Street USA consumers. The rule is in harmony with the National Association of Insurance Commissioners’ (NAIC's) revised Annuity Suitability Model, which requires producers to work in the best interests of consumers during annuity transactions, providing enhanced investor protections at the federal and state levels and discouraging a mishmash of confusing and potentially contradictory laws and regulations.