WASHINGTON, D.C. (November 9, 2017) – The Coalition for American Insurance issued the following statement today regarding the Ways and Means Committee action on H.R. 1:
“While the Chairman and the Committee intended to close the Insurance Tax Haven Loophole and level the playing field in the original Chairman’s mark, the Committee’s modified bill will continue to allow foreign-based insurance companies to avoid paying taxes on U.S. generated profits by shifting their income to tax havens overseas. This predictably will result in additional foreign acquisitions of U.S.-based companies and lines of businesses and does nothing to stop the trend of inversions. As tax reform proceeds, our Coalition will continue to work with the Chairman and the Committee to ensure that the Blueprint and the Framework’s pledge to ‘level the playing field between U.S.-headquartered parent companies and foreign-headquartered parent companies’ and halt the trend of corporate inversions is met. Additional changes to the legislation are required to fulfill these promises. We stand ready to work with the Committee and other lawmakers to ensure that outcome.”
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.