Not trying to bring a political discussion here, but I found out yesterday that Trump plans to Tax Life insurance cash values. Was wondering if y'all took this into consideration. It could have a big effect on the Whole Life, IUL industry
From his Website:
"Reducing or eliminating deductions and loopholes available to the very rich, starting by steepening the curve of the Personal Exemption Phaseout and the Pease Limitation on itemized deductions. The Trump plan also phases out the tax exemption on life insurance interest for high-income earners, ends the current tax treatment of carried interest for speculative partnerships that do not grow businesses or create jobs and are not risking their own capital, and reduces or eliminates other loopholes for the very rich and special interests. These reductions and eliminations will not harm the economy or hurt the middle class. Because the Trump plan introduces a new business income rate within the personal income tax code, they will not harm small businesses either."
I have read other articles where they say he plans to not only tax the cash value interest, but also loans taken out from Life Insurance policies.
Thoughts?
From his Website:
"Reducing or eliminating deductions and loopholes available to the very rich, starting by steepening the curve of the Personal Exemption Phaseout and the Pease Limitation on itemized deductions. The Trump plan also phases out the tax exemption on life insurance interest for high-income earners, ends the current tax treatment of carried interest for speculative partnerships that do not grow businesses or create jobs and are not risking their own capital, and reduces or eliminates other loopholes for the very rich and special interests. These reductions and eliminations will not harm the economy or hurt the middle class. Because the Trump plan introduces a new business income rate within the personal income tax code, they will not harm small businesses either."
I have read other articles where they say he plans to not only tax the cash value interest, but also loans taken out from Life Insurance policies.
Thoughts?