Monday, May 18, 2009
New Tax Proposals Target Life Insurers
The Obama administration is seeking $12.8 billion in new tax revenue from life insurers over the next decade, even as the federal government offers the struggling sector bailout funds.
The provisions in the Treasury Department tax plan released last week would restrict several products that have drawn attention from regulators in recent years because of the way they use life-insurance policies as vehicles for minimizing taxes on investments.
The proposals would restrict several tax breaks received by purchasers of insurance or insurance companies themselves, and also require more information reporting in some cases. Industry representatives say the changes would hit sales in at least one significant area of the business, corporate-owned life insurance...
WSJ: New Tax Proposals Target Life Insurers
The provisions in the Treasury Department tax plan released last week would restrict several products that have drawn attention from regulators in recent years because of the way they use life-insurance policies as vehicles for minimizing taxes on investments.The proposals would restrict several tax breaks received by purchasers of insurance or insurance companies themselves, and also require more information reporting in some cases. Industry representatives say the changes would hit sales in at least one significant area of the business, corporate-owned life insurance...
WSJ: New Tax Proposals Target Life Insurers
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