President Obama issued a strong endorsement of comprehensive tax reform in his State of the Union address, saying a simplified tax code that eliminates loopholes and trims deductions is needed to reduce the national debt.
Acknowledging the president's call for "bipartisan, comprehensive tax reform that encourages job creation and helps bring down the deficit,” NAIFA President Rob Smith responded: “However, now is not the time to make it harder or more expensive for families to build their own financial safety net.”
"If we increase the tax burden of the 75 million American families who use life insurance products to secure their financial futures, more people will likely look to government programs to provide for their wellbeing," Smith added. "Congress has preserved the tax status of life insurance for 100 years precisely because its benefits are invaluable to American consumers and the U.S. economy."
Smith calls on his colleagues to join him in Washington, D.C., on April 8 and 9, for the NAIFA Congressional Conference. “Don’t let Washington debate the value of our products without you," pleaded Smith.