Biden Hopes to Tax ‘Frozen Cash Value’ Life Contracts

March 14, 2023 by Allison Bell

The administration of President Joe Biden hopes to impose federal income, estate and gift taxes on the “frozen cash value” inside some wealthy families’ life insurance arrangements.

The U.S. Treasury Department described the new proposal Thursday in its “Greenbook,” or description, of the tax provisions in the administration’s 2024 budget proposal.

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Originally Posted at ThinkAdvisor on March 10, 2023 by Allison Bell.