May 18
Obama Proposes New Taxes on Dealers, Life Insurance
President Barack Obama has proposed raising money to pay for his health-care overhaul by imposing $58 billion in new taxes on securities dealers, life insurance policies and Americans with valuable estates.
Basically the provisions would modify the tax rules when policyholders sell their coverage in a life settlement or viatical, and would reduce a deduction that life insurers claim when they manage assets in separate accounts. Another provision would further restrict tax benefits associated with corporate-owned life insurance.
What are your thoughts on this? Do you think these provisions Obama has proposed are fair?
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May 19th, 2009 at 8:48 am
Taxing our already strapped financial system is not the approach I would take, but it is consistent with his approach.