Congress continues to consider comprehensive tax reform initiatives primarily for the purpose of enhancing the competitiveness of U.S. companies globally. While there is broad agreement on the goals of tax reform, debate continues on whether tax reform should: be “paid for” (raise revenue to pay for lower rates); preserve specified current deductions, deferrals, and credits; broaden the taxpayer base; be subject to dynamic scoring to determine revenue gain/loss; and include a territorial tax component, among other matters.
Our nation’s public policies have historically recognized the importance of encouraging families and businesses to save more, plan responsibly, and protect their financial security. The long-term guarantees offered by the insurance industry are more important now than ever with people living longer and families looking for more stability in planning for retirement.
Transamerica supports a competitive and fair U.S. tax system and believes that comprehensive reform is needed to modernize the tax system, achieve economic growth, and make the U.S. tax system competitive globally. The U.S. tax system should promote incentives to encourage individuals to take responsibility for their financial and retirement security.