A pair of lawmakers have introduced legislation to end a tax break that favors foreign-controlled insurers over U.S. insurers.
Congressman Richard E. Neal, D-Mass., the ranking Democrat on the House Ways and Means Select Revenue Subcommittee, and Senator Robert Menendez, D-N.J., a member of the Senate Finance Committee, introduced bills in both the House and Senate this week to close an unintended tax loophole that they contend costs taxpayers billions of dollars and provides foreign-owned insurers a significant advantage over their U.S. competitors in serving the domestic market.
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