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121657 1 (1983-06-13)

handle is hein.gao/gaobactbm0001 and id is 1 raw text is: 





                  U. S. GENERAL ACCOUNTING OFFICE

                      WASHINGTON, D. C.  20548




                                       FOR RELEASE ON DELIVERY
                                       Expected at 9:30 A.M. EDT
                                       Monday, June 13, 1983





                            STATEMENT OF

                          HARRY S. HAVENS

       ASSISTANT COMPTROLLER  GENERAL FOR PROGRAM EVALUATION

                            BEFORE THE

                      SENATE FINANCE COMMITTEE

                                 ON

    TAXATION OF THE U.  S. PROPERTY/CASUALTY INSURANCE INDUSTRY



Mr. Chairman and Members of  the Committee:



     We are pleased  to be here today to discuss our ongoing work

on tax policy issues pertaining  to the property/casualty insur-

ance industry.  Our preliminary work  has focused on the issue of

economic income.  In this connection we  found three areas where

tax code treatment differs  in important ways from the concept of

economic income.  The ultimate result  is that because of the

definition of taxable  income that is currently used, the tax

burden of property/casualty companies  is lower than it otherwise

would be.



                                                      121657

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