Joe Biden presented a plan to support families

At the end of April, US President Joe Biden presented a plan to support families, which should cost the state coffers a total of 1.8 trillion dollars in the next decade. He wants to raise most of that money by raising taxes for the richest Americans. However, they found a way to avoid taxation. They pour their money into "untouchable" life insurance policies. Biden's plan for families envisages one trillion dollars' worth of investment in the education system, childcare or paid parental leave over the next ten years. Another $ 800 billion is to be tax relief for American employees and their families. The shortfall in the state coffers is intended to cover the planned increase in taxes for the richest people in the USA. For Americans with an annual income of over a million dollars, Biden intends to raise a tax on capital gains and dividends. At the federal level, it is also planning to increase income tax. Its highest rate would rise from today's 37 percent to 39.6 percent. About one percent of Americans fall into this category. Combined with further tax increases, for example for companies, US budget revenues are expected to swell by $ 1.8 trillion over the next decade. Since the reforms, Biden's cabinet has been promising a settlement of the country's tax system, from which, according to him, the richest Americans benefit by using various loops to avoid paying taxes. However, according to experts, Biden will not be able to eradicate at least one of them. In light of the expected tax increase among the richest Americans, interest in private life insurance has risen sharply. According to advisers, the topic of the PPLI (private placement life insurance) financial product dominates interviews with clients from the highest income group, informs Bloomberg.