Tax Hikes Will Make Insurance Expensive

Yup. You're going to pay for Obama's $2 Trillion deficit.

Obama also unveiled a trio of proposals that would affect life insurance products, including new rules applying to policyholders when they sell their coverage to investors and a proposed reduction of deductions insurers such as Hartford Life, MetLife and TIAA-CREF use to lower their tax burden.

The proposals drew criticism from two industry groups: The Washington-based American Council of Life Insurers, which warned against making insurance more expensive, and the Reston, Virginia-based Association for Insured Retirement Solutions.

“Seventy-five million American families rely on the products offered by life insurers for their financial and retirement security,” said Frank Keating, the former Republican governor of Oklahoma who is president of the life insurers council. “This is absolutely the wrong time to make it more expensive for families to obtain the security and peace of mind our products provide.”

This is a standard trick, no different than forcing utilities to collect various taxes in their billings. Instead of simply raising your income tax, the Gummint raises the cost-of-doing-business for companies from which you purchase goods or services.

You pay, plain and simple.