A new study reveals the life insurance industry spends millions of dollars lobbying for the death tax, despite the negative impact it has on customers.
According to a new report from the American Family Business Foundation, the life insurance lobby spent $10 million a month in the first half of 2010 to bring back the Federal Estate Tax, also known as the "death tax." Only three industries -- pharmaceuticals, electric utilities, and oil and gas -- spent more over the same period.
Dick Patten, president of the American Family Business Institute (AFBI) and co-author of the report, says the death tax is a "cash cow" for life insurers.
http://www.onenewsnow.com/Business/Default.aspx?id=1245916
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This line is the killer line: “In 2009, the federal government collected $19 billion in death taxes, but the life insurance industry brought in about $15 billion in premiums to what's called second-to-die life insurance policies," which is policy that is "custom-designed" just for death taxes.”
I had no idea about this and I’m sure many others don’t either, the power lobbyists have the US Government is always worrying and disgusting. Not that the UK is immune, they just manage to keep a lower profile and spend nowhere near the amount that is spent in America. Besides, if they fail at the sovereign parliaments, they move to the usurper parliament in Brussels.
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