With the results of the election this week, January is sure to bring big changes to Washington D.C. The installation of a new administration and new elected officials will present NSSTA and our members with opportunities for outreach and education. We will continue to work with the partners that we have in Washington while reaching out to Congressional Representatives that may not be familiar with the work we do to promote structured settlements as part of a comprehensive settlement plan.
Tax reform is always a concern for NSSTA’s membership. While it is unlikely that the IRS tax codes regarding structured settlements will be intentionally targeted for cuts, there is a chance that they could be overlooked and removed from the tax code as part of a larger overhaul. Based on statements made over the course of the campaign, tax reform will be a top priority for the new administration. Part of the “First 100 Days” plan that President Elect Donald Trump laid out in October includes tax reform, and both Speaker of the House Paul Ryan and Senate Democratic Leader Chuck Schumer have issued statements about the need for reform. NSSTA will be vigilant about educational initiatives and lobbying efforts to ensure that a simplified tax code continues to include IRC 104(a)(1), 104(a)(2) and 130(c).
The Congressional Structured Settlements Caucus will lose 12 Members in the upcoming Session due to lost election bids, retirement and members that were elected to higher offices. NSSTA is planning to partner with the Congressional Structured Settlements Caucus in January to meet Members of Congress and to ask new Representatives to join us in fighting for the rights of injury victims and their families. NSSTA Executive Director, Eric Vaughn, will also be meeting with Caucus co-chairs Congressman Lewis and Congressman Sensenbrenner in the coming weeks to discuss a strategy for increasing membership.
Thanks to the generosity of NSSTA members, the NSSTA PAC made campaign contributions to eight Members of the Senate Finance Committee running for re-election this year, and all eight of those Senators will be returning to Congress in January. One of these officials, Senator Michael Bennet of Colorado, spoke at the 2016 Fall Education Meeting held in Denver last month. The value of supporting the NSSTA PAC cannot be overstated, and we ask all NSSTA members to consider donating. Through donations to Congressional campaigns, we are able to hold events and meet with elected Representatives to continue our mission - education regarding structured settlements and protection of the tax laws that allow us to help provide financial security to claimants.
We all have our work cut out for us, and we hope our members will take this opportunity to renew their commitment and support of the NSSTA organization. We will continue our efforts to promote the good work that our members do every day for injury victims and their families.