Senate Moves to Close Tax Loophole for Ultra-Wealthy's Life Insurance

A Senate report reveals a tax shelter benefiting the ultra-wealthy through private placement life insurance policies, prompting legislative action.

Oregon Senator Ron Wyden proposes legislation to reform the life insurance market, targeting products that benefit the wealthy.
Senate Finance Committee investigation finds private placement life insurance policies act as tax shelters for the ultra-wealthy.
The proposed legislation aims to protect typical American families while limiting tax advantages for millionaires and billionaires.
The report criticizes the lack of transparency in these policies, making them nearly invisible to the IRS.
Major insurance providers are accused of enabling a system that deepens the wealth gap, with plans to introduce stricter tax reporting requirements.