WASHINGTON, D.C. (October 5, 2017) – In an op-ed in The Morning Consult today, William R. Berkley, Executive Chairman of W. R. Berkley Corporation, Inc., states that closing the Insurance Tax Haven Loophole will be crucial to comprehensive tax reform. The op-ed reads in part:
“Proposals to close the loophole are not new. Both the George W. Bush and the Obama administrations supported closing the loophole. Democratic and Republican chairmen of the congressional tax-writing committees have offered similar proposals as well. It’s important to note that these proposals wouldn’t impose a new tax. Rather, they would ensure that existing taxes are paid by both foreign and U.S.-based insurance companies that operate in the U.S market. Such a fix is consistent with international trade agreements and tax treaties.”
Read the full op-ed HERE.
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.