“It’s clear that this is just a tax shelter for the investments of the mega-rich masquerading as life insurance.”
There’s no end to what the super wealthy will do to avoid taxes.
It is up to us to fund the IRS and make them pay their fair share.
Democrats blast life insurance plans as tax breaks for rich
“When you subject these policies to even the slightest bit of scrutiny, it’s clear that this is just a tax shelter for the investments of the mega-rich masquerading as life insurance.”
The report said the policies are actively promoted to wealthy Americans as a way for them to eliminate income, gift and estate taxes. Wyden called it a “buy, borrow, die” strategy used by the top 0.1 percent of investors to “avoid paying their fair share in taxes.”
“As is often the case with our tax code and the ultra-wealthy, the scandal here is what’s legal. The companies weren’t even trying to hide the fact that their PPLI policies were tax dodges for the very top — that’s precisely how they were promoted,” Wyden’s statement said. “It’s obvious that this is an abuse of the rules that are intended to protect typical American families.”
Wyden said as a result of his investigation, he will introduce legislation soon to “crack down on the abuse” of PPLI policies.
https://www.washingtonpost.com/business/2024/02/21/senate-report-insurance-tax-shelter/