NAIFA and other insurance groups are criticizing White House budget proposals that seek new taxes on insurance benefits. The fiscal-2013 budget proposal seeks taxes on corporate-owned life insurance and a reduced dividends-received deduction for accounts that fund variable-annuity and variable life insurance contracts. "Wisely, Congress has rejected similar proposals in past years. We urge the administration to withdraw its proposals on [corporate-owned life insurance and the dividends-received deduction]," a statement by the groups says.
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