While the middle class is usually cited as the prime beneficiary whenever Congress ratchets up tax reform rhetoric, talk of possibly eliminating the deferral of taxes on income generated from annuities has financial advisors and their middle-class clients on edge.

According to a report released Monday by the Insured Retirement Institute, rumblings derived from the National Commission on Fiscal Responsibility and Reform's December report titled "The Moment of Truth" suggesting that nixing the deferral status on annuity income could help bolster the federal coffers would ultimately result in less saving by middle-class Americans and generate very little capital for the government.

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