The United States’ population rose 10% between 2008 and 2023. Many states, led by Utah at 26%, grew even more.
America needs sustained economic expansion to create enough new jobs for its rising population. In addition, these people need to have ready access to affordable financial protection for their families.
One of the fundamental building blocks for a vibrant economy that supports families’ financial wellbeing is a tax code that fosters growth and modernization. That’s why the life insurance industry appreciates the efforts by Representative Blake Moore (R-UT) and his Ways and Means Committee colleagues who are examining how changes to the tax code would affect America’s economy and workers, families and businesses. Rep. Moore is serving on the Working Families and Global Competitiveness teams, two of the 10 teams established by Committee Chairman Jason Smith (R-MO) and Tax Subcommittee Chairman Mike Kelly (R-PA).
Several key provisions from the 2017 Tax Cuts and Jobs Act are scheduled to expire at the end of 2025. To fund extensions of these provisions, Congress will be searching for other sources of revenue. Congress should not make any changes to the tax code that would limit options and build barriers to financial security for American families and small businesses.
America’s life insurers play a crucial role in supporting families and driving economic growth. From 2020 to 2022, we paid out a record $282.3 billion in life insurance benefits and $284.7 billion in annuity payments. We also have invested $7.5 trillion in the U.S. economy, one of the largest sources of investment capital in the nation.
Life insurers take premium payments and invest for the long term so they can keep their promises to their policyholders. These stable investments include state and local municipal bonds supporting education, health care, housing, utilities, transportation and other capital improvements. Communities use these funds to provide safe roads, good schools and modern hospitals that all families need and deserve. In Utah, life insurers have invested nearly $1.2 billion in these bonds. All told, life insurers invest $67 billion into Utah’s economy.
America can rely on the life insurance industry’s stability and strength. The industry is committed to working with policymakers to ensure that that any tax code changes support American businesses and families in Utah and throughout the nation.
Adam Quist is President of Security National Life Insurance Companies in Salt Lake City, Utah.
