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DEAD PEASANTS INSURANCE 'R US

Companies buy life insurance on their employees without their knowledge. When employee dies, the company gets the tax-free payoff. They often use this money for corporate bonuses. When employees leave the company, the policy stays in effect until he/.she dies.

Wednesday, October 7, 2009

How much are you worth dead to your company?

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Wall Street Journal: "The practice is as widespread as it is little-known.

Millions of current and former workers at hundreds of large companies are thus worth a great deal to their employers dead, as well as alive, yielding billions of dollars in tax breaks over the years, as well as a steady stream of tax-free death benefits."

Does yours?

Dead Peasant Policy: Washington Post Primer

• Industry slang for insurance policies taken out by corporations on the lives of thousands of their rank-and-file employees, usually without workers' knowledge or consent.

• An insurance product that allows corporations to earn tax-free investment income on money put aside for retiree health and pension benefits

• According to articles in the Houston Chronicle and Wall Street Journal last week, a questionable gambit used by at least 100 large corporations to boost profits by taking advantage of the tax-shelter features of life insurance.

• The source of an estimated $6 billion in lost tax revenue to the Treasury each year and the subject of several pending tax court cases.

• A product actively marketed by the insurance industry as an "attractive, off-balance-sheet asset."






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Posted by Chimp at 6:18 AM
Labels: capitalism, dead peasant, insurance, michael moore

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  • ▼  2009 (11)
    • ►  November (1)
    • ▼  October (10)
      • Five life insurance groups unite to battle Moore’s...
      • Lawmaker Targets ‘Dead Peasants’ Insurance
      • Film names Hershey as benefiting from deaths
      • How much are you worth dead to your company?
      • JANITOR INSURANCE
      • ABC News 'Stunned' To Discover Dead Peasant Insurance
      • Talking About Walmart And “Death Panels”
      • Dead Peasant Insurance Policies
      • Does Your Employer Carry a “Dead Peasant” Life Ins...
      • Walmart Wants You Dead: How Walmart Screws it's Em...

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