Newsletter

ACLI SUPPORTS ONE BIG BEAUTIFUL BILL

American Council of Life Insurers (ACLI) President and CEO David Chavern made the following comment on May 19 on the “One Big Beautiful Bill Act: "Advancing meaningful tax relief helps everyday Americans hold on to more of what they earn, creating greater stability, opportunity, and the ability to plan for the future. Life insurers are committed to supporting financial security across every stage of life, and ACLI believes this bill takes a strong step in the right direction."

The American Council of Life Insurers is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 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 life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI’s 275 member companies represent 93 percent of industry assets in the United States.

MAJOR TAX PROVISIONS OF THE “ONE BIG BEAUTIFUL BILL”

Andy Sullivan wrote this summary for Reuters on June 4 of tax cuts and tax breaks contained in the House version of the “One Big Beautiful Bill,” Items in parentheses are cost estimates by the Congressional Budget Office or the Joint Committee on Taxation:

• Makes permanent the lower income tax rates in Trump's 2017 Tax Cuts and Jobs Act that are currently due to expire at the end of 2025. (Cost: $2.2 trillion)

• Extends the increased alternative minimum tax exemption. (Cost: $1.4 trillion)

• Extends the standard deduction and boosts it by an additional $1,000 to $1,500 until 2029. (Cost: $1.3 trillion)

• Extends and increases tax break for owners of "pass-through" businesses, such as sole proprietorships and LLCs. (Cost: $809 billion)

• Expands the Child Tax Credit to $2,500 from $1,000 until 2029, and keeps it at $2,000 after that, indexed to inflation. (Cost: $797 billion)

• Raises the estate tax exemption from $14 million to $15 million. (Cost: $212 billion)

• Extends tax breaks for multinational corporations. (Cost: $174 billion)

• Exempts taxes on overtime pay until 2029. (Cost: $124 billion)

• Creates a new $4,000 deduction for seniors. (Cost: $66 billion)

• Exempts taxes on interest payments on loans for domestic autos until 2029. (Cost: $58 billion)

• Exempts taxes on some tipped income until 2029. (Cost: $40 billion)

• Exempts up to $5,000 for contributions to scholarship funds for private schools. (Cost: $20.4 billion)

• Allows parents to contribute up to $5,000 tax-free each year to "Trump Accounts" to be used for a child's school and other costs when they reach adulthood. (Cost: $17.2 billion)

• Allows taxpayers to deduct up to $40,000 for state and local tax (SALT) payments, up from $10,000 now, with benefits phasing out for households that make more than $500,000. (Would save $787 billion compared to an alternative scenario in which no limits were in place for this deduction.)

The Bill is now being debated in the Senate, where major changes are expected.

According to Axios, Senate GOP leadership is full steam ahead on passing the Bill and giving House Speaker Mike Johnson an outside chance to put it on President Trump's desk by July 4.

HOW MUCH IS NO EXAM LIFE INSURANCE? VIEW SAMPLE RATES

This article was written by Sa El on June 19 for Simply Insurance.

On average, a health 30-year old might pay around $25 to $40 per month for a $250,000 policy. However, these rates can increase significantly for older individuals or those with health issues.

About Paul Cholak

Paul has over forty years of benefits experience and has been Director of Employee Benefits for large companies, as well as a benefits consultant with major consulting firms. He understands the life and health insurance needs of individuals and families of all ages. He also has considerable experience in selling life and health insurance to employer groups.

He guides you through the steps of getting insurance and is available to help you both BEFORE and AFTER you've made your purchase decision.