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Legislative bills

House Ways & Means Committee Proposes Tax Bill to Prevent Increases on Families and Small Businesses

Strategic Insights

— 1 min read

The House Ways & Means Committee has introduced a tax bill aimed at preventing a tax increase on families and small businesses, which is expected to strengthen the financial security and economic opportunity for working Americans. The proposal has been welcomed by the American Council of Life Insurers (ACLI), which shares the bill's core mission of promoting greater financial security and economic opportunity. ACLI President and CEO David Chavern has praised the leadership of Chairman Smith, highlighting the need for life insurers to support the bill's objectives.

Key Takeaways:

  • The House Ways & Means Committee has proposed a tax bill to prevent tax increases on families and small businesses, which is expected to strengthen financial security and economic opportunity for working Americans.
  • The American Council of Life Insurers (ACLI) has welcomed the proposal, sharing its core mission of promoting greater financial security and economic opportunity.
  • ACLI President and CEO David Chavern has praised the leadership of Chairman Smith, highlighting the importance of life insurers supporting the bill's objectives.
  • 90 million American families rely on the life insurance industry for financial protection and retirement security.
  • ACLI's member companies are dedicated to protecting consumers' financial wellbeing through various insurance products, covering 93% of industry assets in the United States.
  • ACLI is the leading trade association driving public policy and advocacy on behalf of the life insurance industry.

Statistics:

  • 90 million American families rely on the life insurance industry for financial protection and retirement security.
  • ACLI's member companies represent 93% of industry assets in the United States.
  • ACLI has 275 member companies.

Sources:

  • American Council of Life Insurers, "American Council of Life Insurers (ACLI) President and CEO David Chavern made the following comment on the proposed tax bill released today by the House Ways & Means Committee," May (no specific date provided)

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