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.
NAIFA-KY and the Importance of State Advocacy: An Update From Brian Wilson
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
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.
Topics: Retirement Planning Federal Advocacy Build Back Better Act Congress Tax Reform
4 min read
Build Back Better at a Boiling Point
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
1 min read
NAIFA Offers Comments to Senate Special Committee on Aging on Financial Literacy
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
1 min read
President Biden Announces Build Back Better Framework
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
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.”
