As for taxes, Edelman recommends the elimination of the income-related monthly adjustment amount that some people must pay in addition to their Medicare Part B and Part D premiums, subject to income limits; that financial planning and investment management advisory services be tax-deductible; and a tax-free status for alimony payments.
Edelman also urged Congress and President Trump to provide tax-free hazard pay to first responders and health-care personnel and allow overtime for first responders and health-care personnel to be tax-free.
In March, prior to the passage of the CARES Act, Edelman successfully advocated for two policy changes regarding retirement accounts: waiving mandatory IRA distributions for Americans age 72 and older, and waiving the IRS early-withdrawal penalties on IRAs and permitting loans from those accounts.
His new proposal also touched on several recommendations for IRAs. Among them are that parents and grandparents be allowed to give up to $100,000 from their IRAs and workplace retirement accounts to their children and grandchildren with no tax or IRS penalty; that the mandatory 20% tax withholding on all withdrawals from IRAs and workplace retirement accounts be eliminated; and that all fired, laid-off and furloughed workers under age 55 be allowed to withdraw funds from their IRAs and workplace retirement accounts without IRS penalty.