Democrats Seek to End Major Billionaire Tax Avoidance Scheme in New Senate Bill

Senate Finance Chair Ron Wyden (D-Oregon) introduced a bill last week aimed at bringing an end to loopholes in the tax code that have, for decades, allowed the wealthiest Americans to avoid paying taxes on a huge portion of their incomes and assets. The Billionaires Income Tax Act takes aim at a practice known as “buy, borrow, die” by taxing unrealized capital gains, the very heart of the three...

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