Life insurance agents know they have work to do in explaining to members of Congress that outright repeal of the estate tax and creation of Lifetime Savings Accounts are bad ideas.
“Our work is cut out for us,” said David Woods, CEO of the National Association of Insurance and Financial Advisers. “Given the greater Republican majorities in both the House and Senate, and the fact that President Bush won an outright majority, support for the Presidents agenda, which includes LSAs and outright repeal of the estate tax, will be greater,” he said.
“We are concerned about LSAs,” Woods said. “It takes on a much greater likelihood of passage given the stronger Republican majorities.” The greater majorities “will embolden the Republicans to project the Presidents agenda with greater vigor.”
NAIFA also will be watching the progress of proposed regulatory modernization legislation proposed by the leadership of the House Financial Services Committee. “We are supportive of regulatory reform,” Woods said.