Congressional proposals to increase tax revenue by reducing or eliminating long-standing tax benefits extended to holders of life insurance, annuities and individual retirement accounts would have a devastating impact on the nation's retirement preparedness, warned a Washington lobbyist at a forum in New York City today.
Earl Pomeroy, a former Congressman from North Dakota and senior counsel for Alston & Bird LLP, Washington, addressed this and other policy concerns at a morning general session of the 2012 Marketing Summit of the Insured Retirement Institute, being held at the New York Hilton, April 1-3. The general session explored the legislative and political outlook for the year ahead.
Gridlock on Capitol Hill
Turning to election prospects, Pomeroy warned that Congress will likely remain polarized after the November elections; and that neither party is likely to consolidate power in the White House, Senate and House, making passage of key legislative initiatives an ongoing challenge.
Despite the improving economy and high approval rates among certain groups, such as women and young people, President Obama's prospects for reelection in November could dim if the unemployment rate remains rates high or if international events - a Greek default, marked rise in gas prices or tensions in the the Middle East - take a turn for the worse.