I recently sat down with NAIFA Senior Vice President for Government Relations Diane Boyle to discuss the election and its implications for the upcoming tax reform debate in the 119th Congress.
Many provisions of the Tax Cuts and Jobs Act (TCJA) expire at the end of next year, meaning tax legislation will be top-of-mind for lawmakers and the incoming Trump administration. Diane tells us that Republican control of the White House, Senate, and House of Representatives could make things go more smoothly, but it also may not. The cost of the TCJA is substantial, Diane says, and candidates, including Donald Trump, made campaign promises that would add to the tab. Factor in the Republicans’ slim margins of control in both houses of Congress and the tax-reform debate remains important.
Fortunately, NAIFA is well-positioned to take a meaningful part in the discussions. We have been educating lawmakers about how NAIFA members serve consumers and how the tax treatment of our products and services is crucial to the financial security of American families and small businesses. Our grassroots influence is a force to be reckoned with:
We have members in every Congressional district.
Our members have personal relationships with a vast majority of the members of Congress.
Our political action committee, IFAPAC, invested about $1.5 million in the federal elections supporting more than 200 candidates from both parties who understand and support NAIFA’s positions.
Our Congressional Conference each May is the largest and most influential association fly-in in the insurance and financial services industry.
My discussion with Diane is the most recent installment in NAIFA’s Tax Talk series. Our Tax Talk resource page includes links to important webinars, articles, and other resources to help financial professionals understand and navigate the shifting tax landscape. I would encourage everyone to join us December 3, at 3 pm eastern for the next NAIFA Advocacy webinar, “Post Election 2024: The Impact on Insurance and Financial Services.” Diane and her team will take an even deeper dive into the election results’ opportunities and challenges at the federal and state levels.
