Democratic-led committee targets wealthy over “booming tax dodge”

The wealthiest Americans are using high-end life insurance plans as a way to dodge billions of dollars in taxes, according to a Senate report released Wednesday.

The Democrat-led Senate Finance Committee called the specialized life insurance plans a “booming tax dodge for the rich” and said they sheltered up to $40 billion, according to a report by The Washington Post.

While the tax advantages of the insurance plans are legal, the committee called for legislation clamping down on such plans

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