Coalition for American Insurance Commends Joint Statement on Tax Reform
WASHINGTON, D.C. (July 28, 2017) – The Coalition for American Insurance commended a joint statement from top lawmakers on the status of tax reform as progress on an issue of great importance to the nation’s economy. The statement from Congressional leaders and Administration officials emphasized the importance of “ensuring a level playing field between American and foreign companies and workers, while protecting American jobs and the U.S. tax base.” The Coalition is urging lawmakers to close the Insurance Tax Haven loophole as part of comprehensive tax reform.
“The Coalition agrees with congressional and administration officials that any tax reform effort must create a level playing field for U.S. and foreign-based businesses, particularly insurers. The Insurance Tax Haven loophole was unintentional and allows foreign-based insurers to avoid paying taxes on the business they do inside the U.S. Meanwhile, American insurers are paying taxes on the exact same business. This isn’t right and should be changed as part of any comprehensive reform effort.”
ABOUT THE COALITION
The Coalition for American Insurance consists of twelve major U.S.-based insurance groups that employ hundreds of thousands of people within the United States. Coalition members provide millions of Americans with financial protection from unpredictable risks and pay substantial amount of federal, state and local taxes. The Coalition is seeking a level playing field and tax fairness for U.S.-based insurers and their consumers and employees by closing a current federal tax loophole that allows foreign-based insurers to avoid paying U.S. taxes.