What You Don’t Know Can Hurt You: Camp Tax Code Reform Proposal
Today, many of you received our recent e-news Building Wealth with some information about the Camp Tax Code Reform Proposal. We’re not going to re-hash that information here and you should know how this proposed tax code reform could affect you, your family and your business if you own one. You can read our thoughts in full at: http://conta.cc/R7FCwv
Take a look at this video for an in-depth discussion about how the Camp Tax Code Reform Proposal may change the way your savings in life insurance and annuities are taxed in the future.
What we do want to urge you to do is to take action and send an email to your Congressional representatives. It’s easy – they all have websites through which you can send an email and voice your opinion. We’ve included a sample letter in the above noted email that you can adapt and send.
Why do we want you to send an email? Because, even if you sign the petition, also noted in Building Wealth, it’s your direct contact with your representatives in Congress, which has the most power to create real change. They pay attention when they get emails and letters. YOU put them in Congress and you can kick them out with the power of the vote. They know that and that’s why they spend so much money to persuade you to vote for them.
As Americans, we keep more than 20% of our long-term savings in these two financial vehicles. In Illinois – over $20 billion was paid out in 2012 to beneficiaries, policy and annuity holders and others. Most of these payouts were non-taxable events. This could be affected by some of the proposed reforms. Take action now!
