Owing to the widespread ignorance of the annual level premium plan in life insurance, the utmost confusion exists today in the taxation of life insurance companies doing business in the United States. The vast accumulation of funds by the companies has given the impression that they were growing enormously wealthy; and legislators, failing wither to understand the nature of these funds or appreciating the ease with which such funds could be reached by the tax collector, began to impose burdensome taxes upon the same.
Huebner, Solomon S. PhD, "The Taxation of Life and Fire Insurance Companies" (1964). Solomon S. Huebner Documents. 136.