WASHINGTON, D..C. (November 17, 2017) – In a letter to Senate leaders today, the Coalition for American Insurance commended the Senate for including strong anti-base erosion provisions in its version of the Tax Cuts and Jobs Act to help close the Insurance Tax Haven loophole. The letter reads in part:
“The Coalition for American Insurance commends the United States Senate for recognizing the need to eliminate incentives in the tax code that encourage businesses to move overseas. America can no longer afford the loss of jobs and capital being transferred overseas which is why it is critical to establish a level playing field for the tax treatment of U.S.-based insurers and foreign-based insurers. Specifically, the Coalition is encouraged that the Senate Finance Committee included strong anti-base erosion language that recognizes the long standing deficiencies in the tax code which have promoted inversions of American owned insurance companies and acquisitions by foreign company groups.”
Click HERE to read the letter in full.
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.