Mesquite Insurance Agent discusses how Congress Faces Full Plate of Financial Issues

Mesquite Insurance Agent discusses how Congress Faces Full Plate of Financial Issues.

Capitol Bldg. D.C.

Besides the estate tax deal Congress will have other Financial issues to deal with.  Without congressional action the levy falls to zero in January before returning to 2001 levels in 2011.
It has been obscured by the intense debate over the shape of healthcare reform legislation, with congressmen returning to work this past September 8; they must now issue, Congress will be dealing with many more issues under the category of regulatory reform.

Some of the financial modernization issues that will be on the congressional agenda include whether or not insurance products within the scope of proposed Consumer Financial Protection Agency.  Within the same category, Congress is debating how to improve regulation of derivatives in the wake of the problems at AIG and at banking securities firms.  Legislation that would set new limits on executive compensation and deferred compensation plans is also on the table.

Both AALU and NAIFA are urging Congress to keep the current tax rules in place.  Under current law, the estate tax levy for 2009 is a $3.5 million per person exemption and a 45% maximum tax rate.  For 2011 the exemption would return to $1 million per person, and a 55% maximum tax rate.  The consensus is that Congress will ultimately decide to keep the 2009 levels as the base for permanent tax reform, indexed for inflation.

Mesquite Insurance Agent Sam Morris has been providing long term care insurance, along with residential property coverage, auto insurance coverage, disability income coverage, and general liability coverage to clients in Garland and East Dallas since 2000. Sam is a veteran of the armed services and makes it his personal mission to make sure that you have the right coverage… not too much nor too little. Please call 972-240-8075 today for a personal consultation with Sam.