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so why has it taken 20 years for anybody to address this problem?
Instead of asking for more regulation for our industry, why don’t these 14 companies grow some balls and form a coalition that quits paying the unconstitutional domestic taxes.
Right, here you have a substantial number of off shore insurers, 172 to be exact on Bermuda with ties to Ireland, the European Continent and the Baltic States who have basically eaten the American insurers lunch for twenty years, and what do we do? ***** to the Senate.
Can’t be that perhaps we ought to take a hard look at how this business is conducted in the United States and stop playing this idiotic game of how low can we go.
If you can’t make it on your own, of course the Government will see to it that they not only help, but just might tell you how to live, when to live, how to do business and if you can’t, perhaps they can.
Nice work guys, real professionals.
The better question, rather than why so long to notice, would be why U.S. taxes are so much greater?
If you look at taxation on insurance, you will immediately discover that only a tiny portion of the taxes collected are used for the regulation of government.
What happens to the reset of the revenue pouring into the various taxation issues? It goes to general fund coffers, whether that be on premium tax or income tax — having nothing to do with the industry addressed.
Other countries don’t work that way. Their systems tax insurance entities based on the cost of government related to that industry. It is an obvious competitive advantage of that country, and one that should be exploited by good business leaders.
Rather than address taxing the foreigners, perhaps what we should do is to NOT tax the domestics! …but the Coalition cannot say something like that, because it is not popular to stop bleeding American business, and most especially is that true if the business is in the insurance sector!
The Coalition is right about it being unfair… and they’re asking for a balance in the only way they believe they have a chance of getting any positive attention. …again… good business leaders thinking smart.
President Bush misunderstood the request and has the air force dispatched to drop nucular bombs on Bermuda.
BTW, I’m a republican, but I have a sense of humor.
/ and I know it is spelled nuclear, that is just not how he pronounces it.
Burmuda? Oops I meant Burma!
Damn, send another gift basket to the Chicoms!
You mean to tell me that those companies don’t have their fingers in the Bermuda pie somewhere along the line? Tests the imagination.
According to my Sen. John Sununu, going off shore is good for stock holders and that is who corporations answer to. Avoid taxes and increase personal wealth. Borrow to fight terrorism and let our kids worry about the future bill.
This should serve as a wake-up call. Governments will have to compete on a global scale like everyone else. They must reign in spending and keep tax levels competitive with other countries.
Assuming there even is a problem! To me it sounds like free market forces working as they should as opposed to any kind of problem. Perhaps the problem is that the 14 domestic insurers need to become more dynamic and focus less on what is ‘fair’ and more on what is good for their stakeholders. As a side note, the offshore companies also employ a good number of US-based workers, so sounds like a win-win all around.