NAIFA members attending the association’s Congressional Conference at the Washington Marriott Wardman Park Hotel in Washington, D.C., are performing an important task today: They are paying visits to their Senators and Representatives to ask them to carefully consider the negative effects the Camp tax reform draft would have on the U.S. if proposals in the draft make it more difficult and more expensive for Americans and businesses to achieve financial security.
More than 700 NAIFA members visiting the Hill are having in-person meetings with lawmakers from all 50 states, during which they will defend the policies that allow consumers to take responsibility for their financial future. Using words the lawmakers understand, they will let them know how the financial-services industry bolsters the U.S. economy and how agents and advisors help 75 million American families achieve financial security.
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, told attendees at the conference yesterday.
He thanked them for taking time out of their busy schedules to come to Washington, and assured them that “they are the best in sharing their client stories and showing how decisions made on Capitol Hill affect regular people back home.”
“We have information they need to hear,” he said. “We have stories about their constituents back home that they want to hear. The Congressional Conference is our big chance to tell them these things. Together, we can and will make a difference.”
A message from NAIFA’s CEO
Joining Nichols on the podium was NAIFA CEO Dr. Susan Waters, CAE, who pointed out the importance of NAIFA members’ visits to Capitol Hill.
“You help shape policy,” she said. “At last year’s Congressional Conference, you came to Washington and told your senators and representatives how the current tax treatment of life insurance is crucial to your clients. Our leaders listened. This year, the Camp proposal includes a comprehensive tax-reform plan, and President Obama, as he does each year, proposed a federal budget. However, neither of these proposals includes new taxes on the inside build-up or death benefits of life insurance or annuities. You can thank yourselves for that. Grassroots advocacy works!”’
But there is an urgent need to educate Congress since the industry is not yet out of the woods. As Dr. Waters pointed out, the Camp draft does include $583 billion worth of changes to the tax code that would directly or indirectly impact the insurance industry—and not in a favorable way.
NAIFA members on the Hill today are doing just that—educating their lawmakers and advocating on behalf of their businesses, their colleagues and their clients.