Insurance Industry Has Wish List for GOP on Capitol Hill Investment News (12/09/02) Vol. 18, No. 4 p.1; Hansard, Sara
The insurance industry next year will be working for
laws that grant annuities capital gains tax treatment and make
higher retirement contributions permanent, along with other tax
reform incentives. ACLI Assistant Vice President, Tax and Trade
Dianne Sullivan says despite congressional action promoting
retirement saving incentives, managing assets for retirement has
been neglected. During the last Congress, the insurance industry
introduced legislation that would provide capital gains treatment
to annuities paid out over the lifetime of a beneficiary.
Despite its wide support among some members of the House, the cost
of the annuities plan--$10 billion to $20 billion over 10
years--may become a barrier to its approval by Congress.