The Coalition for Asbestos Reform (CAR) is continuing to advocate against the creation of a federal trust fund for asbestos litigation claims, referred to as the Fairness in Asbestos Injury Resolution Act.
Citing the recent testimony of former Congressional Budget Office director Douglas Holtz-Eakin, the Coalition said creating the fund would result in failure and could have disastrous consequences for smaller and medium-sized businesses that face asbestos liability. According to CAR, many businesses do not realize the impact of $140 billion in taxes that the legislation would require, though at press time there were pending changes to the proposed legislation that might limit these amounts.
According to a release, however, Holtz-Eakin's testimony states that both the scale of the mandatory spending and the size of the revenues are highly uncertain and will likely result in federal borrowing that would come from taxpayers. He went on to say that the most central challenge right now is to have less mandatory spending in the years to come.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
