The American Council of Life Insurers is taking issue with a proposal by the White House to tax the “non-earned” income — for advisors, this includes annuity income — of people making $200,000 or more per year at 2.9% to help pay for Medicare.
Frank Keating, the group's chief executive officer, sent a letter Feb. 24 to Secretary of the Treasury Timothy Geithner about it: “Currently, Americans face unprecedented difficulties securing their retirement income in an environment that has shifted longevity, savings and other retirement risks onto the individual. In such a landscape, policy-makers should not create a disincentive for annuity products that help Americans address these risks.”
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access