Americans for Limited Government Issues Statement on Provision in Tax Bill
Targeted News Service
FAIRFAX, Va., Nov. 16 -- Americans for Limited Government issued the following statement by President Rick Manning praising Senate lawmakers for including a provision in the tax bill to prevent tax avoidance through reinsurance by foreign insurers:
"The Senate's inclusion of a provision preventing tax avoidance through reinsurance by foreign insurers is a positive step forward in creating tax equity between foreign and domestic insurers.
"Foreign insurance companies currently avoid paying taxes in the U.S. through a complex offshore scheme known as affiliate reinsurance whereby profits are transferred to a tax haven, and then reinsurance is purchased from the affiliate.
"We urge the Senate to maintain this provision in the tax bill and to close this loophole."
This document was posted showing the date: Nov. 15, 2017.
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