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Major Tax Reform and NM: U.S. House Proposal

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On Nov. 1, Republican leaders in the U.S. House of Representatives released a major tax reform proposal, with the intent of beginning debate on it during the week of Nov. 6. The bill contains a number of provisions of interest to Northwestern Mutual. Of note, no new taxes on life insurance products, annuities or retirement savings were included, but the bill dramatically alters the amount of policyowner reserves a life insurer can deduct. Government Relations prepared a brief summary of the current proposal on those items that are of most interest to the company. Northwestern Mutual is deeply engaged in the process in Washington, D.C.