What if They Taxed the Inside Buildup?
National Underwriter (Life/Health) (04/16/01) Vol. 105, No. 16 p.4; Brostoff, Steven

On March 26, the House Ways and Means Committee was preparing to vote on legislation to repeal the estate tax. That same day, the Joint Committee on Taxation released an estimated revenue loss resulting from the repeal. The Joint Committee's new figure was $662 billion over 10 years--$250 billion more than a previous estimate. A Capitol Hill source who asked to remain anonymous reported that the proposal to tax inside buildup came after the Joint Committee's report. In addition, the proposal--which was met with an aggressive reaction from the industry--was said to be an attempt by Republicans to downplay political charges that the current tax reduction plan is too generous to the rich. The unnamed source noted that, "You could see the headlines that this would be an even bigger windfall for the rich than previously estimated."

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