Senate Finance Committee Chairman Wyden Exposes Private Placement Life Insurance as Tax Shelter for Ultra-Wealthy Holding at Least $40B
The investigation found that PPLI represents just 0.003 percent of all individual life insurance policies in force in
"I'm a strong defender of life insurance as a source of financial security for hardworking American families and retirees, but that's not what's going on with these tax-dodging private placement policies that are available only to the ultra-wealthy. 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. None of this is available to middle-class Americans,"
This investigation continues
The full report on the investigation is available here (https://www.finance.senate.gov/imo/media/doc/ppli_report_final.pdf). Key findings include:
* The PPLI industry is now a tax shelter made up of at least
* Unlike traditional insurance policies, PPLI policies are an ultra-niche financial product that is not available to middle-class families.
* PPLI policies are actively promoted to ultra-wealthy Americans as tax-free hedge and private equity fund investments.
* PPLI policies are actively promoted to millionaires and billionaires as a way to transfer significant wealth to their heirs while bypassing income, gift and estate taxes.
* Guardrails against abuse of PPLI policies are nearly impossible for the
* The
* Legislation is needed to increase oversight of PPLI and curb abuse of these products as tax avoidance by the wealthiest 1 percent of Americans.
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Original text here: https://www.finance.senate.gov/chairmans-news/wyden-exposes-private-placement-life-insurance-as-a-tax-shelter-for-the-ultra-wealthy-holding-at-least-40-billion
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