Rensselaer Semi-Weekly Republican, Volume 39, Number 4, Rensselaer, Jasper County, 14 September 1906 — Insurance Rates Cut Off. [ARTICLE]

Insurance Rates Cut Off.

The first decision rendered by ex-Presi-dent Grover Cleveland as referee for the big three life insurance companies will prevent English policy holders from continuing to get a reduction on account of the income tax law, and will result in a big saving to the companies. According to the-English law, those who were subject to the payment of an income tax are allowed to deduct the amount paid for them for life insurance premiums on ]Engli:A policies, but not on American policies. Consequently, the American companies have been in the habit of absorbing this tax by granting a rebate. Mr. Cleveland holds that this can no longer be done under the new rebate law. One effect will be to curtail the amount of foreign business.