This week, members of the PIA of Michigan met with the offices of their congressional delegation as part of PIA’s 2022 series of year-round, state-specific advocacy events. In their meetings, the PIA of Michigan members drew lawmakers’ attention to several of PIA’s 2022 Issues of Focus: the dangers of federal regulatory overreach into the insurance industry …
Tag: tax
PIA Texas Advocates for 2022 Priorities
This week, members of the PIA Texas met with the offices of their congressional delegation as part of PIA’s 2022 Advocacy Day. In their meetings, the PIA Texas members drew lawmakers’ attention to several of PIA’s 2022 Issues of Focus: the dangers of federal regulatory overreach into the insurance industry and the need to repeal the Federal …
PIA Releases 2022 Issues of Focus
In 2022, PIA will continue its nonstop advocacy efforts on behalf of professional insurance agents by promoting our 2022 Issues of Focus. While the items below are our top priorities for 2022, PIA is always working to promote the interests of our independent agent members, wherever those interests take us. To see a pdf of …
House Passes Reconciliation Spending Bill
The U.S. House today passed H.R. 5376, the $1.75 trillion budget reconciliation bill which has been marketed by Democrats as the “Build Back Better Act.” If approved as-is by the Senate, the legislation will allocate roughly $1.75 trillion in spending over a 10-year period. The bill passed largely along party lines by a vote of …
PIA Requests Removal of Tax Reporting Provision from Reconciliation Package
PIA has been vocal in our opposition to a proposal in the current House reconciliation package that would impose a broad new tax information reporting regime on all bank accounts over a certain de minimis amount. The proposal would require financial institutions and other providers of financial services to track and submit to the Internal Revenue Service …
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PIA Reiterates Opposition to Burdensome Small Business Reporting Proposal
PIA has been advocating in opposition to a proposal in the current House reconciliation package that would impose a broad new tax information reporting regime on small businesses throughout the country. The proposal would require financial institutions and other providers of financial services to track and submit to the Internal Revenue Service (IRS) information on …
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PIA Opposes Burdensome Tax Reporting Requirements for Small Businesses
On September 17, PIA, along with several business groups, wrote to U.S. House leadership to oppose a proposal included in the reconciliation package currently under consideration that would impose a broad new tax information reporting requirement on small businesses throughout the country. The proposal would require financial institutions and other providers of financial services to …
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PIA Opposes Harmful Tax Hikes
PIA joined two business coalitions recently in pushing back on proposals within the forthcoming $3.5 trillion reconciliation legislative spending package; the proposals PIA objects to would lead to major tax increases for small business owners. The House Ways and Means Committee began considering the package on September 9. It would raise individual and corporate tax rates, …
PIA Objects to Attempts to Reduce or Repeal Passthrough Tax Deduction
PIA recently joined a coalition of business groups to express our continued support of the 20-percent tax deduction for the qualified business income of qualifying passthrough businesses, or S corporations. The 20 percent deduction was established by the 2017 tax reform law. PIA actively advocated for the passage of the 2017 tax bill (Public Law No. …
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PIA Opposes Admin. Proposal to Raise Taxes on Business Assets
The Biden Administration is proposing the imposition of tax increases on businesses to pay for its proposed transportation and infrastructure plan. As part of this effort, the administration wants to repeal the practice of stepping up the basis for the capital gains tax of assets transferred at death. This change would end the use of …
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