Protect Mississippi from a Biden/Pelosi hurricane tax
On the face of it, the bill has nothing to do with insurance and the White House promises that the plan will affect only those who earn more than $400,000 a year. However, an unintended consequence is that, if passed as written, it would drive insurance prices higher, causing consumers at all income levels to suffer financially.
A report by the non-partisan R Street Institute found that this “hurricane tax” could add as much as $240 annually to the average Mississippi family’s property insurance premiums. The reason is that the proposals would increase the price of international reinsurance, the financial backstop that allows the U.S. insurance market to function.