As Americans watch and wait while Congress and the Administration debate the issues surrounding the fiscal cliff, NAIFA’s Jill Hoffman told The American College’s Keith Hickerson that – for the immediate future - the Alternative Minimum Tax (AMT) should be top of mind for all Americans, followed by comprehensive tax reform in early 2013.
“If Congress doesn’t address (the AMT) by the end of this year, it’s going to hit about 30 million households in April of next year,” Hoffman said in an interview on the Wealth Channel. “As the negotiators look at these things, they’re looking at where the immediate hits are going to come from, who is it going to hit and do we need to do try to avert that crisis for those Americans and individuals and families. They are going to have to lay out some kind of framework for comprehensive tax reform in 2013.”
Hoffman said that “the single biggest threat” Congress is looking at for the insurance industry is what to do about the inside buildup of life insurance and annuities, and whether the inside buildup should continue to be a tax deferred build up.
Hoffman told Hickerson that NAIFA will host its first ever Congressional Conference in April 2013. She urged NAIFA members and all insurance advisors to join in our efforts to inform Congress about the benefits of life insurance products. “All the financial advisors who are selling life insurance and annuities need to pay attention, and we want you to come to Washington to tell your stories about your interaction with you clients. Talk about your real life stories and how our our products have helped save so many families from financial distress in the event that someone lives too long or dies too soon.”
NAIFA’s conference is scheduled for April 8-9, 2013.