Congress has passed and President Donald Trump has signed the Tax Cuts and Jobs Act (HR1) into law. It is the biggest tax change in 30 years.
Under the legislation, insurers, agencies and other businesses organized as C corporations will see their statutory tax rate slashed from a top rate of 35 percent to 21 percent starting next month. That is considered a “huge win” for the property/casualty insurance industry, as one lobbyist worded it.
