John Locke Update

Federal Border Tax Could Mean $800 Million Hike in N.C. Insurance Premiums

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A proposed federal border-adjustment tax would cost North Carolina consumers an additional $800 million in higher property-casualty insurance premiums over the next decade. That’s the bottom-line conclusion from a report issued by the John Locke Foundation and the Washington, D.C.-based R Street Institute. The tax would hit this state particularly hard based on two factors. First, North Carolina faces unusually high risks of natural catastrophe. Second, its insurance regulation structure makes North Carolina especially dependent on the foreign reinsurance that would be affected by the new border-adjustment tax, or BAT.

Read the full report below and download it here.

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We are North Carolina’s Most Trusted and Influential Source of Common Sense. The John Locke Foundation was created in 1990 as an independent, nonprofit think tank that would work “for truth, for freedom, and for the future of North Carolina.” The Foundation is named for John Locke (1632-1704), an English philosopher whose writings inspired Thomas Jefferson and the other Founders.

The John Locke Foundation is a 501(c)(3) research institute and is funded solely from voluntary contributions from individuals, corporations, and charitable foundations.