1985 0719 - GOV (House) - Impact of Tax Reform on Insurance Industry - Stark

  • 1985 0719 Impact of Tax Reform on Insurance Industry, Pete Stark (D-CA)  ---  [BonkNote]
    • [PDF-GooglePlay-Part 7 of 9-1175p,  VIDEO-CSPAN]
    • House - Committee on Ways and Means
    • Witnesses testified on the effects that President Ronald Reagan’s proposed tax reform will have on the Life insurance industry.
  • Beck- Who pays more?
  • Paperwork - Beck, it would be tough
  • (p6072) - Ian ROLLAND, ACLI, Lincoln National Life. I guess I would comment that I really don't see any reason to treat interest on a life insurance policy loan different than interest on any other kind of a loan that an individual takes out.
    • I don't think it would be fair to single out that sort of loan from any other. It is simply a life policy loan, is simply a way for somebody to borrow using the life insurance cash value as collateral for that loan.
  • Hal DAUB (R-NE) - To buy stock or a building or what else?
  • Ian ROLLAND, ACLI, Lincoln National Life. -  Whatever purpose that they use any other loan for.
    • The reasons for borrowing life insurance cash values are similar to loans that people take out for other purposes, so I don't see any reason this kind of borrowing ought to be singled out for different treatment from other loans. 
  • Robert Beck, Prudential, Chairman and Chief Executive Office
    • RE: Vanishing Premium
    • (p6069) - Under some permanent insurance, contracts being sold today, the chances are you could stop paying after 7, 8, or 9 years and the insurance would remain in force for the rest of your life without further premium payments.
      • (at approx. 2:27:00-2:27:30) - [VIDEO-CSPAN] - Impact of Tax Reform on Insurance Industry

1985 0719 Impact of Tax Reform on Insurance Industry, Pete Stark (D-CA)  ---  [BonkNote]

 

  • 1985 0719 - GOV (House) - Comprehensive Tax Reform (9parts) aka Impact of Tax Reform on Insurance Industry
    • Richard Schweiker, Life Insurance Industry Reform

  • 1985 0719 - GOV (House) - Comprehensive Tax Reform (9parts) aka Impact of Tax Reform on Insurance Industry
    • Inside Buildup
       

 

 

1:17:05

1:18:

Math Guys

Tax Chart

 

 

1:20:15

1:21:37

Stark

Knowledge helps

 

 

 

 

 

 

 

 

1:23:

 

1:3x

Ian Roland

 

 

1:43:26

1:43:45

    1. Charles McMains Jr.

Life Insurance is …fixed…price…assumptions

 

 

1:45:14

 

Beck

Welcome Bob - Stark

 

 

1:48:52

1:52

Beck

 

 

 

1:53:33

1:54:04

Beck

Reserves

 

 

1:54:03

1:54:44

Beck

3 tax regimes, through the mill, already reformed

 

 

 

 

 

Beck reserves up 50%

 

 

 

 

 

GAO forecast, report,

 

 

 

 

Schweicker

How many times does the Industry need to be reformed, as many as it takes

 

 

 

 

Beck

Which is cheaper til 65

 

 

 

 

Beck

Schweiker  - Spent time with him last year now he is with ACLI

 

 

 

 

Beck

Vanishing Premium - yes, it should work

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stark / other guy

No, that's not the reason…..more money