Senate Committee on Finance reports that high-end life insurance plans (PPLI) serve as significant tax breaks for wealthy individuals.

Democrats accuse high-end life insurance plans, known as private placement life insurance (PPLI), of serving as significant tax breaks for the wealthy. A Senate Committee on Finance report by Chair Ron Wyden (D-Ore.) argues that these policies are designed to benefit "ultra-high net worth clients" and function as a tax shelter, offering $40 billion in policies to only a select group of wealthy individuals.