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Insurers applaud proposed GOP tax reforms

Insurers applaud proposed GOP tax reforms

Property/casualty insurer groups voiced their support Thursday for the Republican party’s proposed framework for tax reform.

The American Insurance Association, the National Association of Mutual Insurance Companies, the Property Casualty Insurers Association of America and the Reinsurance Association of America issued a joint statement praising the release of the federal tax reform framework, Unified Framework for Fixing our Broken Tax Code. 

Among other things, the framework would drastically reduce tax rates for businesses and repeal the estate tax.

“The P&C industry is pleased to see the framework’s plan for reducing the corporate tax rate to 20% and eliminating the alternative minimum tax,” the statement said. “The framework takes positive steps to address other business taxes in an effort to increase simplicity, efficiency, transparency, compliance and global competitiveness.”

The statement added that the insurers “look forward to working with the House Ways and Means and Senate Finance committees as this process moves forward to ensure that the unique needs of our industry and, most importantly, our policyholders are addressed and protected.”

Separately, the Washington-based Coalition for American Insurance issued a statement that announced its support for the framework.

“As the framework states,” the coalition said, “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.”

The coalition, which consists of 10 U.S.-based insurers including Berkshire Hathaway Inc., Liberty Mutual Insurance Co., and Travelers Cos. Inc., said “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.”

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