WASHINGTON, D.C. (September 27, 2017) – The Coalition for American Insurance issued the following statement today regarding the announced Framework for Tax Reform:
“The Framework’s emphasis on leveling the playing field between U.S. and foreign-headquartered parent companies is welcomed and the Coalition looks forward to working with lawmakers to achieve this objective. Also important is establishing an American model for global competitiveness. As the Framework states, the current tax code incentivizes the offshoring of profits – even if they are generated here in the U.S. – to avoid paying taxes. This hurts consumers and businesses based here in America. That needs to change. A simpler, fairer, modernized tax code is what’s needed to end the offshoring phenomenon and bring our nation’s tax code into the 21st century. A level playing field for all businesses operating within the U.S. market is essential when it comes to taxes. Likewise, eliminating antiquated provisions in the current tax code that hamstring U.S. companies’ ability to compete in global markets will promote domestic growth and jobs.”
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.