NU Online News Service, Dec. 2, 1:53 p.m. EST
The Independent Insurance Agents and Brokers (IIABA) has written to members of the House of Representatives asking that all of the Bush tax cuts be extended to eliminate uncertainty for agents and brokers.
The letter, signed by IIABA President and Chief Executive Officer Robert Rusbuldt and Senior Vice President, Government Affairs Charles Symington, argues for the extension of all current marginal tax rates, as well as dividend and capital gains tax rates.
"Passing an extension of all current rates would remove the uncertainty looming over the tax code, unleashing a wave of private capital to revive our economy and allowing small businesses to plan, hire and expand," the letter states.
The letter explains IIABA's interest in the matter by noting that most of the association's members are organized as Subchapter S Corporations, Partnerships or Sole Proprietorships. "This means they pay taxes at individual rates and thus are subject to any increase in marginal tax rates."
Mr. Rusbuldt and Mr. Symington urged "expedited action to avoid the looming tax increases."
IIABA addressed the letter to House Speaker Nancy Pelosi, Minority Leader John Boehner, Majority Leader Steny Hoyer, and Minority Whip Eric Cantor.
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