NAIFA has expressed approval following the Senate's passage of a tax and spending reconciliation bill. Kevin Mayeux, CEO of NAIFA, released a statement highlighting key measures included in the bill that aim to support the financial security of American families and businesses.
According to Mayeux, "NAIFA is pleased that the Senate-passed reconciliation bill includes important measures that protect the financial security of American families and businesses." He noted that NAIFA members had advocated for permanent extensions of the 199A tax deduction for pass-through businesses, as well as most individual tax rates and deductions due to expire this year.
Additionally, NAIFA urged lawmakers to reject imposing a cap on the corporate state and local tax (C-SALT) deduction or introducing new taxes on insurers or insurance products. Mayeux emphasized that "American consumers will benefit from the fact that the bill preserves the existing tax treatment of financial tools."
The organization will continue observing developments as the bill moves back to the House for final approval. However, Mayeux anticipates no major changes impacting their members or Main Street consumers' financial security. "Major changes that will impact our members or the financial security of the Main Street consumers they serve are unlikely," he concluded.