Political Quotes

“Mr. President, as in many other industries, the insurance sector, both property/casualty and life, have become more globalized than any time in history. Disasters such as 9/11 transformed the property and casualty industry. The life insurance industry has followed, with an increasing amount of insurance risk transferred to affiliates and nonaffiliates around the globe. This business model is impacted directly by the Tax Cuts and Jobs Act, which moves the United States from a mostly global international system, where we tax American companies and individuals on their worldwide income, toward a territorial system. Under the new system, companies are to be taxed in the United States on the income derived here and are to be taxed on their foreign earnings by the nations in which that income is derived. What we are seeking to do here is to encourage enterprises to start in the United States, to expand in the United States, and to bring as many foreign operations home as they can while remaining not only competitive, but innovative leaders in creating new products and services. The new 21-percent corporate rate will help do just that. However, this bill does not take us fully to a territorial system. The bill applies a minimum tax on certain payments to foreign affiliates. At 21 percent, the U.S.…”