In addition to wishing you every success for the New Year we at NAIFA Washington want to remind you that 2013 is a special year. This year marks 100th anniversary of the tax treatment of life insurance! Life insurance is only one of the products and services NAIFA advocates to protect, but it is the one that most commonly comes under attack.
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In 1913 the US Congress passed the Revenue Act of 1913 which is more commonly known for it's reinstitution of the income tax, following ratification of the Sixteenth Amendment to the US Constitution. In an unprecedented move Congress made a last-minute amendment to the Act to exempt life insurance death benefit proceeds and inside buildup (cash value) from income taxes. This only happened because of the efforts of NAIFA members.
In the past 100 years NAIFA has successfully warded off 14 serious attempts to amend this provision.Learn more...