Nov. 14, 2017, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement urging the House Rules Committee to adopt an amendment by U.S. Rep. Ted Budd (R-N.C.) that would prevent tax avoidance through reinsurance by foreign insurers:
“One way foreign insurance companies have avoided paying taxes in the U.S. is through a legal tax dodge called affiliate reinsurance whereby profits are transferred to a tax haven, and then reinsurance is purchased from the affiliate. Fortunately, Congressman Ted Budd has submitted an amendment to the House Rules Committee that will restore tax equity between domestic and foreign insurers. We urge the committee to add this needed provision to the tax bill and close this loophole once and for all.”
Attachments:
Amendment to Rules Committee Print 115-39, Offered by Mr. Budd of North Carolina, Nov. 14, 2017 at https://getliberty.org/wp-content/uploads/2017/11/BUDD_035_xml.pdf
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