Show Those Hidden Insurance ante ance ance Taxes The tax collector is getting i a stranglehold on an industry that is is essential to our industrial fire insurance progress fire progress an m According to A von Thaden of the United States Chamber of Commerce population has increased 33 Tex per cur CUl mt in the tho last 20 years our national fire and mar marne mar ne in io per cent and ne insurance premiums per cent Ye in the same period the taxes paid insurance companies have haversen by fire fi-c per cent sen sen per out that the th e eMr Thaden points Mr 11 von von von-Thaden which is fire insurance premium tax paid entirely by policyholders is es- es es unjust This tax tat is similar in effect to ope one levied on the the- gross cross of any other business I tax collectors take three Should our cent on the gross sales four r cr per Ter cf a mercantile business or on the deposits in a ib bank there tv lage immediate wave of pro of-pro pro pro- protest could be an test Yet such a tax is is levied against unchallenged unchallenged unchallenged insurance policies and goes due to lack of knowledge on the part of the public that it is is be- be being be being in ing taxed in this manner Taking one state as an example in in 1028 the assets of the insurance com com- companies com companies doing business there totaled OOOO Their premium premium income income u i- i iS S I of which they paid c oJ L I this the state banks had assets of I and paid only 2230 2236 2236 in taxes taxes In short banks with vice twice the thc assets of the insurance Com eom panics paid ld but hut 36 30 per cent of the tax borne by insurance This is not an argument to tax banks unfairly but to show th the inequitableness of the insurance premium tax Industrial development wages ages home building all employment employment all the factors which contribute to American prosperity are directly dependent on co insure ce Industry and individuals should not be penalized with double taxation because they are arcs thrifty and cautious enough to protect their prop prop- property property property erty or add to io o their bank savings |