Advocacy in action blog

The newly finalized reconciliation bill delivers a sweeping set of tax provisions that will shape how financial professionals advise clients - individuals, families, and businesses - for years to come. From income tax and charitable giving to estate planning and business deductions, this legislation locks in key provisions of the Tax Cuts and Jobs Act (TCJA) while adding new tools across multiple areas of financial planning. NAIFA has identified 15 key takeaways that every financial professional should know. Download PDF.

NAIFA CEO Kevin Mayeux, CAE, issued the following statement upon Senate passage of its version of the tax and spending reconciliation bill:

“NAIFA is pleased that the Senate-passed reconciliation bill includes important measures that protect the financial security of American families and businesses. NAIFA members have strongly encouraged lawmakers to include permanent extensions of the 199A tax deduction for pass-through businesses and most of the individual tax rates and deductions that would have expired this year. We have also asked lawmakers to reject a cap on the corporate state and local tax (C-SALT) deduction and new taxes on insurers or insurance products. American consumers will benefit from the fact that the bill preserves the existing tax treatment of financial tools and imposes no new burdens that would prevent insurance and financial professionals from effectively serving the American public. NAIFA will continue to monitor the bill as it now returns to the House for final passage. Major changes that will impact our members or the financial security of the Main Street consumers they serve are unlikely.”

The Senate is preparing revisions to the massive budget and tax bill previously approved by the House with a goal of passing final legislation by July 4th. It is crucial to millions of Main Street businesses, many of which are owned or served by NAIFA members, that the final reconciliation bill makes the Section 199A deduction for pass-through businesses permanent and expands the deduction from 20 to 23%.

NAIFA is pleased the House Ways and Means Budget Reconciliation Title recognizes the need for American families and businesses to plan for their financial futures with access to knowledgeable professionals, affordable insurance products, and certainty in policy. 

A stable tax system that continues to encourage Americans to plan and save for their future is more important than ever. Families are able to protect themselves through the current tax treatment of cash value life insurance, incentives to participate in individual and employer-sponsored retirement plans, savings vehicles for education and emergencies, paid leave, long-term care insurance, and disability insurance, and employer-provided health insurance. These measures reflect sound tax policy, established over decades, that gives Americans of all backgrounds the opportunity to attain a secure financial future.  

NAIFA applauds the measure to permanently extend and increase the Section 199A deduction, which many of our members utilize to provide products and services that millions of Americans rely on to improve their financial security. The Section 199A deduction allows small- and medium-sized businesses, which are the backbone of the American economy, to remain competitive and to retain parity in corporate and passthrough income taxation. In addition:

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.

NAIFA tells CMS that compensation cuts may ‘run afoul’ of existing federal regulations

American Council of Life Insurers (ACLI) President and CEO David Chavern and National Association of Insurance and Financial Advisors (NAIFA)—Nevada Political Action Committee Chair Jarod Morgan issued the following joint statement on the best interest annuity rule approved recently by the Legislative Review Committee and supported by the Nevada Division of Insurance:

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA)—Louisiana Chapter President Blake Gillies issued the following joint statement on the best interest annuity rule adopted by the Louisiana Department of Insurance:

American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-Missouri President Craig Wright, MBA, CFP, ChFC, issued the following joint statement on the best interest annuity rule adopted today by the Missouri Department of Insurance:

The U.S. District Court for the Northern District of Texas has granted a request by NAIFA, ACLI, several NAIFA chapters, and other advocacy partners to stay the Department of Labor's fiduciary-only rule, stating that our case is "virtually certain to succeed on the merits." The action follows a similar stay issued Thursday by a different federal court in a similar case.