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US life insurers avoiding up to US$100b in federal taxes

Special laws passed by some states allow insurers to reduce sharply reserves they are required to hold

New York is appealing to Washington to block the practice by some states such as Iowa,South Carolina and Arizona.

New York

SOME companies have been called economic traitors for seeking to lower their tax bills by moving overseas. But life insurers are accomplishing the same goal without leaving the country, saving as much as US$100 billion in federal taxes, much of it in the last several years....

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