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Monday, October 04, 2010
Shift to Wealthier Clientele Puts Life Insurers in a Bind
The life-insurance industry has enjoyed beneficial tax treatment for its products for nearly a century. Whenever Congress tried to change that, insurers always had a mantra at the ready: We protect widows and orphans.Life insurance needs to be free from income taxes, the industry said, because of its special social function. It keeps survivors from a life of penury when a chief breadwinner dies. Read more... posted by Charles Monat Associates at 5:53 PM
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