The following is excerpted from a NAIFA GovWatch issued Jan. 26, 2011.
On Tax Reform:
President Obama in his State of the Union called for lower corporate tax rates and fewer loopholes. Specifically, the President called for paying for tax reform by broadening the base through the elimination of tax expenditures that are currently a part of the Internal Revenue Code. Life insurance and annuity inside buildup, retirement savings in pension plans, and employer-paid benefits are all characterized as “tax expenditures.”
NAIFA will continue to explain how current tax rules governing life insurance, annuities and employer-provided benefits promote individual and family financial security and to urge the continuation of incentives designed to encourage people to tie up funds for long term financial security.
On Health Care:
While the President defended the new health care law against Republican repeal efforts, he signaled a willingness to make some changes beginning with the expanded 1099 reporting requirement.
NAIFA’s health reform goals have been and continue to be ensuring affordable coverage for all Americans. NAIFA supports bipartisan targeted revisions to improve affordability and sustainability of private insurance choices, and to ensure consumers have access to professional services provided by licensed and regulated insurance agents.
The priorities described by the President are expected to be fleshed out in greater detail in his fiscal year 2012 budget proposal, which will be released around Feb. 14. Watch the NAIFA Blog, our website and GovCommunications for future developments.