Federal tax reform discussion draft proposed by Rep. Dave Camp underscores urgent need to educate Congress
WASHINGTON —The tax regime outlined in the draft by House Ways & Means Committee Chairman Rep. Dave Camp (R-MI) extracts more than half a trillion dollars from proposals that would impact the life insurance industry and threaten the financial and retirement security of millions of Americans, NAIFA President John Nichols, MSM, CLU, said in preparation for NAIFA's Congressional Conference May 20-21 at the Washington Marriott Wardman Park Hotel.
“The lower tax rates presented in the Camp discussion would come at the expense of long-term financial security for families and businesses, and undermine the nation’s ability to plan for the future, save for retirement and protect against financial risks,” Nichols said. “It’s critical for NAIFA members to come to Washington to educate lawmakers about the serious adverse impact the Camp tax reform plan would have in its current draft.”
The Camp draft extracts more than $583 billion from 50 proposals that directly or indirectly impact the insurance industry and its customers. Nearly $225 billion comes from adverse changes to retirement savings, another $87 billion in new revenue would come from certain market changes and insurance product and company taxes. Nearly $272 billion comes from changes to the cost of doing business.
Life insurance products pay out more than $1.5 billion every day, according to SecureFamily.org. They provide for 20 percent of Americans’ long-term savings, and the life insurance industry directly supports 2.5 million U.S. jobs.
“NAIFA members are asking Congress to carefully consider the negative effects the Camp draft and other tax reform policies would have on our nation if these policies make it more difficult and more expensive for Americans and businesses to achieve financial security,” said NAIFA CEO Dr. Susan Waters. “NAIFA members are passionate about the business and the value they bring to clients. We look forward to the in-person meetings with Congress and the opportunity to defend the policies that allow consumers to take responsibility for their future.”
On May 20, registrants will attend an issues briefing at the Marriott Wardman Park Hotel. On May 21, the 700 attendees will go to Capitol Hill for a meetings with their Senators and Representatives.
Members of NAIFA’s Executive Committee and Government Relations staff also will be available for interviews throughout the Congressional Conference. Please contact Mark Briscoe or Sheila Owens.