Closing the Insurance Tax Haven Loophole would
The Insurance Tax Haven loophole allows foreign-based insurers to move income generated from U.S. business overseas and avoid paying billions in U.S. income taxes.
The loophole gives foreign-based insurers a significant advantage over U.S.-based insurers in serving U.S. consumers and investing in new markets.
Proposals to close the loophole would not create a new tax but enforce an existing one. Foreign-based companies could —
elect to be taxed at the same rate as U.S.-based insurers
defer a deduction on U.S. generated income until the insured event occurs