Jones Requests Tax Info, Explanation if Carriers Not Cutting Rates

Workers’ compensation carriers who aren’t reducing rates charged to California employers as a result of the corporate tax cut Congress approved in December will have to explain themselves, under an order signed Monday by Insurance Commissioner Dave Jones. The Tax Jobs and Cuts Act of 2017 slashed the corporate tax rate, to 21% from 39%. President Donald Trump is already talking about reducing the corporate tax rate, to 20%, according to media reports. The California Department of Insurance said in a statement that the federal tax cuts allow carriers throughout the country to ...