People Can Disagree

  • There is bound to be a controversial element in anything that enlightens the public to these differences and gives them a more intelligent basis for choice than they have at the present time.

-- Ernest J. Moorhead

1977 - DEBATE, "RESOLVED. THE LIFE INSURANCE BUSINESS, AS TRANSACTED TODAY, IS IN ITS TERMINAL STAGES, Society of Actuaries - 14p

  • GOV - McRaith - FSOC

Mr. GUARINI. Exactly what does it mean within a company? I understand that if you have inside build-up and it gets taxed, that you are going to have 1099's that you never had before. Mr. Beck mentioned you have 25 million stockholders. What are the mechanical problems you would have with the implementation of this kind of a law?
Mr. BECK. <Prudential> It is monstrous, beyond the capacity of our administrative people to even contemplate.

Mrs. KENNELLY. Thank you. This would be difficult as well as cause the problems we have talked about earlier?
Mr. ROLLAND. <Lincoln> It would be difficult because it would produce what we think is an unfair tax. It certainly could be administered.
Mrs. KENNELLY. It could be administered?
Mr. ROLLAND. It is not an administrative problem. It is simply an unfair method of matching expenses with revenues. (p6064)

1985 - GOV - Comprehensive Tax Reform: Hearings Before the Committee on Ways and Means, House of Representatives