Write your Members of Congress and tell them you support closing an unfair loophole that allows foreign controlled insurance companies to avoid U.S. income tax by stripping earnings overseas and hurts their U.S.-based competitors. Tell them to support H.R. 3424 by sending this letter to your Congressman and Senators:
Dear [Member of Congress]:
I am writing to urge your support for the enactment of H.R. 3424. This legislation will close an unfair tax loophole that allows foreign-controlled insurance companies to strip their earnings from covering U.S. risks into offshore tax havens and avoid paying billions of dollars in U.S. income taxes. This loophole provides foreign-controlled companies a significant, unwarranted advantage over their U.S. competitors in attracting capital to write U.S. business. Eliminating the loophole is essential to restore a level competitive playing field.
In light of the current economic climate, we should not continue to allow unintended tax breaks for foreign companies doing business in the U.S. at the expense of their U.S.-based competitors and other American taxpayers.
Please visit www.coalitionfordomesticinsurance.com for more information. Thank you for your consideration of this request.
A loophole in current law allows foreign-controlled insurers to strip their earnings overseas and avoid paying U.S. income tax...
The Coalition For A
Domestic Insurance Industry