HILL TAX BRIEFING: Wyden to Take Aim at Billionaire Tax Schemes

Legislation designed to curb tax avoidance by the wealthy is close to introduction, Senate Finance Committee Chair Ron Wyden (D-Ore.) said.

“Tax laws don’t apply to billionaires in the same way they do for everybody else. They’re optional, where everybody else’s tax rules are mandatory,” Wyden said during a hearing Thursday to shine a spotlight on tax avoidance schemes. “It’s time to close these loopholes and make sure those at the very top are paying taxes on their income as it’s earned, just like everybody else.”

Wyden first unveiled a version of the proposal, which would tax the wealthiest Americans’ ...