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.
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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
Topics: Retirement Planning Federal Advocacy Build Back Better Act Congress Tax Reform
1 min read
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
4 min read
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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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
1 min read
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 Joins Main Street Employers Urging Congress to Reconsider Tax Proposals
By NAIFA on 9/15/21 12:01 PM
In advance of the Ways and Means Committee mark-up, NAIFA signed a letter with more than 100 other organizations representing Main Street employers asking Congress to reject proposed tax increases that would harm these businesses and the consumers they serve.
Topics: Retirement Planning Federal Advocacy Congress Tax Reform
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NAIFA Works to Preserve Tax Deduction for Pass-Through Businesses
By NAIFA on 6/22/21 5:17 PM
As the leading advocacy association for insurance and financial services professionals, NAIFA continues to work with policymakers at the federal and state levels on efforts to bolster American businesses. Most recently, NAIFA is one of only three insurance-related associations (along with the Independent Insurance Agents and Brokers of America and the National Association of Professional Insurance Agents) to sign onto a letter sent to key members of the Senate and House of Representatives urging Congress to maintain the 20% deduction for qualified business income under Section 199A of the federal tax code.
Topics: Retirement Planning Federal Advocacy Congress Tax Reform
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New CBO Report Offers Insights on Estate and Gift Taxes
By NAIFA on 6/18/21 4:54 PM
A new report by the Congressional Budget Office provides a guide to understanding federal estate and gift taxes. These taxes affect only a small number of taxpayers (of 2.7 million Americans who died in 2016 only 5,500 left taxable estates, and in 2018 only 2,000 people paid gift taxes), but they may consider in planning for financial professionals working with affluent families or business owners. In 2021, estate values above an $11.7 million exemption are taxed at a 40% rate. “The same threshold and tax rate apply to gift taxes,” the report says.
Topics: Retirement Planning Federal Advocacy Advocacy Resources Tax Reform
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NAIFA Supports Cardin, Portman Efforts to Move Retirement Reform Legislation
By NAIFA on 5/21/21 3:59 PM
NAIFA CEO Kevin Mayeux has thanked Sens. Ben Cardin (D-MD) and Rob Portman (R-OH) for introducing the Retirement Security and Savings Act of 2021. The Securing a Strong Retirement Act of 2021 is working its way through the House and three Senators earlier this week introduced the Improving Access to Retirement Savings Act.