TITLE: Looming Legislation
PUBLICATION: Perspectives, the premier publication of The National Association of Independent Life Brokerage Agencies (NAILBA)
DESCRIPTION: Feature article about President Obama’s 2012 re-election and what it means for the brokerage world
After a long, hard-fought and often brutal battle, the presidential election finally drew to a close in the late hours of Tuesday, November 6, 2012. With 303 electoral votes, President Obama defeated Mitt Romney and claimed a second term. So, how much will President Obama’s victory impact the brokerage world? Quite a bit, according to some experts.
Even before the election, NAILBA members had their eye on some significant governmental activities looming on the horizon. Now that the election is over, the brokerage world is bracing for potential legislative challenges—particularly in one area. “It’s all about taxes,” emphasizes Mark Valentini, MPP, Director of Government Affairs for NAILBA.
Barbara Crowley, current Secretary/Treasurer and incoming Vice Chair, Government Affairs for NAILBA reflects that sentiment. “Tax reform will be a critical issue and is expected to have an impact on NAILBA members,” she says. “After the election, House Speaker John Boehner and Senate Majority Leader Harry Reid both announced that they will address tax reform.
There are many disagreements on how they would approach tax reform, but the one thing both leaders agree on is the need to scale back tax expenditures as a means to shore up revenue.”Read on to learn how impending legislative activities could impact the brokerage community and find out what you can do in your area to address these concerns.
Shuttling towards the fiscal cliff
Currently, the most pressing legislative concern for the brokerage word is what’s known as the fiscal cliff—the impending convergence of 2013 tax increases and across-the-board spending cuts that could drive the economy over the edge.