Global tax plan deemed contrary to US interests
Also raising concern is Jerry Theodorou, the Director of the Finance, Insurance and Trade Policy Program for the research group, R Street.
He develops and advances effective free market public policy solutions to complex issues where federal and state governments have intervened.
Previously, he was a Director in insurance research at the global investment management firm Conning, in Hartford, Connecticut.
His recent analysis stated: “A poorly-understood feature of the Biden plan penalises the global reinsurance industry, which would make property insurance more expensive, especially for homes and businesses in Florida, where premiums are already rising steeply.
“The plan functionally introduces what may be viewed as a “hurricane tax”. Raising corporate taxes and introducing new rules impacts international financial transactions, which increases the cost of reinsurance and adversely impacts primary insurers and buyers of homeowner’s insurance, especially in catastrophe-prone areas.
“Insurers and their customers should be concerned because homeowners in states like Florida are already seeing rate-driven double-digit premium increases.”
R Street Institute is a nonprofit, nonpartisan, public policy research organization engaging in policy research and outreach to promote free markets and limited, effective government.
In addition to headquarters in Washington D.C., they have offices in Georgia, Texas, Ohio and California.