WASHINGTON, D.C., May 1, 2012 — Rep. Pat Tiberi (R-Ohio), chairman of the U.S. House of Representatives Committee on Ways and Means Subcommittee on Select Revenue Measures, recently addressed the association’s Large Agent/Broker and CEO dinner.
Tax reform for C corporations isn’t enough, said Rep. Tiberi to attendees. The prestigious gathering of industry leaders, carrier CEOs and some of the largest agents and brokers around the country is held annually during the Big “I” Legislative Conference & Convention in Washington, D.C.
He added that with two thirds of small businesses organized as pass through entities such as S corporations, lawmakers need to include those entities in any reform proposal as well.
“It’s great to be with people who are the backbone of our economy,” Tiberi said.
Rep. Tiberi serves on the House Committee on Ways and Means which handles tax, Social Security, Medicare, trade and health care issues and he is the chairman of the Subcommittee on Select Revenue that has jurisdiction over federal tax policy. Rep. Tiberi focused his remarks on the implications of the tax debate and current tax code on American businesses and the economy.
If Congress does nothing, Rep. Tiberi explained that the country will have the largest tax increase in American history on January 1.
“We have a huge challenge with tax reform,” he said. “And it’s much bigger than you realize. And it’s much bigger than my colleagues realize.”
Rep. Tiberi noted that the current tax code is “byzantine” and doesn’t allow businesses to make decisions for the long-term because so many provisions are temporary.
As a result, he said America is losing businesses, in part due to the burdensome tax code. “We’re losing more and more of our great American companies to places outside of the United States,” he said. “Why shouldn’t it be the other way around? Why shouldn’t the U.S. be the place that people want to start a business, keep a business, grow a business?”
“The Big ‘I’ has a long history of working closely with Rep. Tiberi on key issues that impact independent insurance agents and brokers, small businesses and insurance consumers,” says Robert A. Rusbuldt, Big “I” president & CEO. “Rep. Tiberi is a resilient and outspoken champion for tax reform and efforts to promote small business and job creation by all businesses.”
Rep. Tiberi has been a lifelong resident of Ohio’s 12th Congressional District which is a mix of urban, suburban and rural areas in the central part of the Buckeye State. He is a 1985 graduate of The Ohio State University. He previously worked as a realtor and served in the Ohio House of Representatives.
The Big “I” Large Agent and Broker Roundtable, a group which advises the Big “I” Board of Directors on topics important to large agents and brokers, hosts the annual dinner. The group has recently been working on issues such as agent licensing reform, technology and workflow efficiency, and industry workforce recruitment.
Large agents and brokers from around the country, as well as regional and national carrier CEOs including many from Rep. Tiberi’s home state of Ohio, were in attendance at the April 26 event.
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.