The upcoming elections in November are not just an important, standalone political contest; they are the fulcrum on which our entire country will fundamentally shift. The big uncertainty is whether Obama and the Democrats are poised to be the big victors.
Such were the questions posed - and addressed by political analysts Peter D. Hart and Bill McInturff, who spoke during the second Tuesday morning keynote session of the AALU’s Annual Meeting, held in Washington, DC.
Overall, the election is currently in Obama’s favor across a broad swath of voters:
45% Obama / 45% Romney
Some 80% of Americans oppose taxing the proceeds form life insurance (55% of whom oppose such taxation strongly). However, when it comes to taxing inside buildup on life insurance and annuities, Americans are far less unanimous, especially for policies that are of $1 million or more. These kinds of benefits, and their tax advantages, are at risk in ways not present for many years, McInturff said. To that end, he suggested that AALU members stress four points when speaking to their representatives on Capitol Hill.
First, the industry needs to bring up the 75 million Americans who depend on the life insurance industry’s products. Two thirds of those 75 million people make less than $100,000 a year...hardly members of the 1%.