Advocacy

​Legislation from U.S. House committee would raise taxes on independent agencies.​WASHINGTON, D.C., Sept. 15, 2021 — The Independent Insurance Agents & Brokers of America (the Big “I") today voiced opposition to the U.S. House of Representatives Ways and Means Committee's passage of legislation that would raise roughly $2 trillion of new revenue through tax increases on businesses and individuals.  “The Big 'I' was disappointed to see House Democrats on the Ways and Means Committee vote to move forward with a number of substantial tax increases on our nation's small businesses," says Charles Symington, Big “I" senior vice president of external, industry and government affairs. “The last…

​This week, Governor Hochul announced the Department of Health has designated COVID-19 an “airborne infectious disease," triggering activation of the NY HERO Act. All businesses are immediately required to implement their airborne infectious disease prevention plans required under the HERO Act. Big I NY and a broad-based group of business associations opposed this measure, expressing concerns it will be overly burdensome and unwarranted. Learn more about your compliance requirements hereAlso this week, Governor Hochul signed a bill which will hold construction contractors jointly and severally liable for wage theft violations of their subcontractors, including unpaid wages, benefits, wage supplements, penalties, liquidated damages, attorneys fees, and other…

​Congress has now begun working on the details of the $3.5 trillion reconciliation package that addresses issues like climate change, federal paid leave, Medicare expansion, childcare assistance, free community college and much more. To pay for such a large expansion of the federal government, Congressional Democrats are considering numerous tax changes that would impact your agency and your clients. Tax increases currently “on the table” include: a significant increase in the corporate tax rate, raising the top individual tax rate, nearly doubling the capital gains tax rate, potential elimination of “stepped up” basis, and modification/elimination of the Section 199A 20% small business tax deduction for pass-throughs.REQUESTED…