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Whom the death tax benefits: The largest life insurance policy ever sold

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The estate tax raises a tiny fraction of federal revenues, but it raises a significant portion of the life insurance industry's money. Life insurance benefits can be tax-free. Inheritances over $5.3 million are taxed — with rates going up to 40 percent. That's why the life insurers lobby like crazy to save the estate tax. (I've written about this lobbying effort in Reason, in the Washington...

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