Issue Position: Norton to Seek Republican Support for Bill to Make D.C. a Tax-Free International Center

Issue Position

Norton believes she can add a new sector to the D.C. economy with a bill to make the District an international financial center for catastrophic insurance reserves, which are now held offshore in tax-free jurisdictions, such as the Cayman Islands and Bermuda. Norton's bill would make the District a special tax-exempt jurisdiction, attracting companies to establish offices here, and hire D.C. employees. The companies would pay the District an excise or premium tax or fee on the catastrophic funds, as offshore jurisdictions require. She believes that this bill could attract Republican and Democrat support.

Norton, who chairs the subcommittee with jurisdiction over natural and terrorism disasters, said maintaining these large reserves in small foreign jurisdictions poses a risk to the U.S. economy, as well as to taxpayers because, as the financial crisis showed, the U.S. government is the ultimate funder in the event of a crisis.

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