NAIFA joined other industry organizations in sending a letter to Senators Patty Murray (D-WA) and Richard Burr (R-NC), the Chair and Ranking Member, respectively, of the Senate Committee on Health, Education, Labor and Pensions, thanking them for their bipartisan support for retirement-reform legislation.
3 min read
Senate Committee Advances NAIFA-Supported Retirement Legislation
Topics: Retirement Planning Federal Advocacy Congress Supported Legislation
NAIFA-KY and the Importance of State Advocacy: An Update From Brian Wilson
The advocacy work of NAIFA-KY was highly influential in the late revision of tax reform legislation in the state that would have placed a 6% tax on financial planning and investment management services. This tax would have impacted many investors in Kentucky and the financial professionals they rely on for advice and services. NAIFA Trustee Brian Wilson offers his perspective on why this advocacy win and all of NAIFA's state advocacy efforts are so important.
Topics: Retirement Planning State Advocacy Grassroots Kentucky Tax Reform
8 min read
Biden FY 2023 Budget Proposes $1 Trillion+ in New Taxes, Mostly on Corporations, Wealthy Individuals
On March 28, President Biden sent Congress a Fiscal Year (FY) 2023 budget that calls for $1.58 trillion in discretionary spending (a 7.4 percent increase over last year) and over $1 trillion in new taxes. The budget, the Administration says, would reduce the federal deficit by $1 trillion over ten years.
Most of the new taxes would come from the proposal to hike the corporate tax rate from the current 21 percent to 28 percent (starting in 2023) and from a new 20 percent tax on a combination of income and capital wealth held by households with $100 million or more in income from earnings and increases in the value of their capital assets. The budget also proposes raising the top individual tax rate to 39.6 percent.
Topics: Retirement Planning Federal Advocacy Congress Tax Reform
2 min read
NAIFA-Kentucky Celebrates Legislative Win
The Kentucky Legislature has passed a comprehensive tax reform package, and thanks to advocacy work by NAIFA's Kentucky chapter financial planners and investment advisors narrowly avoided a 6% sales tax on their services.
Topics: Retirement Planning State Advocacy Grassroots Kentucky Tax Reform
2 min read
NAIFA Strongly Supports SECURE 2.0 Retirement Bill Passed by the House
NAIFA commends the House of Representatives on passing the SECURE 2.0 (H.R.2954) retirement planning legislation in a 414-5 vote. The popular legislation simplifies the process and creates incentives for employers to create and enroll employees in workplace retirement plans. It also creates greater flexibility for workers who contribute to the plans.
Topics: Retirement Planning Federal Advocacy Congress Supported Legislation SECURE 2.0
1 min read
NAIFA Supports Bipartisan Legislation to Protect Senior Investors
U.S. Senators Chris Van Hollen (D-Md.), Tim Scott (R-S.C.), Raphael Warnock (D-Ga.), and Cynthia Lummis (R-Wyo.) introduced the Empowering States to Protect Seniors from Bad Actors Act, a bipartisan bill that would create a Securities and Exchange Commission program to work with state regulators to protect senior investors.
Topics: Retirement Planning Standard of Care & Consumer Protection Federal Advocacy Congress Supported Legislation Senior Financial Protection
1 min read
Senate Report Quotes NAIFA to Highlight Retirees' Need for Financial Services
A new report by the U.S. Senate Special Committee on Aging prominently features comments submitted by NAIFA that highlight the important ongoing role advisors play in retirement planning.
Topics: Retirement Planning Federal Advocacy Congress
1 min read
House Passes the Build Back Better Act
The House passed H.R. 5376, the Build Back Better Act. Rep. Jaren Golden (D-ME) was the sole Democrat to vote against the bill. No Republicans voted for the bill. Now, on to the Senate, where significant changes are expected. Senate leadership wants to finish this before year-end, but given the other must pass agenda items (government funding, debt limit, defense authorization), that timing seems unlikely.
Topics: Retirement Planning Federal Advocacy Build Back Better Act Congress Tax Reform
2 min read
Congress Passes an Infrastructure Bill, but Debate Continues Over BBB Social Spending Legislation
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
1 min read
NAIFA Opposes Tax Increases for Main Street Businesses in Build Back Better Act
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.
