Time to Close Billionaire Tax ‘Loopholes’ With Law, Wyden Says

Legislation aimed at curtailing wealthy Americans’ tax-avoidance schemes is close to debuting, said Senate Finance Committee Chair Ron Wyden (D-Ore.).

Wyden’s panel held a hearing Thursday focusing on billionaire tax legislation. The hearing featured experts—and even one millionaire—who detailed tactics the ultra-wealthy employ to skirt tax rules.

“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 the hearing. “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 ...