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

The bill takes aim at a practice known as “buy, borrow, die,” in which billionaires borrow extensively off their assets.

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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This post was originally published on Latest – Truthout.


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Sharon Zhang | radiofree.asia (2024-05-10T09:08:00+00:00) » Democrats Seek to End Major Billionaire Tax Avoidance Scheme in New Senate Bill. Retrieved from https://radiofree.asia/2023/12/05/democrats-seek-to-end-major-billionaire-tax-avoidance-scheme-in-new-senate-bill/.
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» Democrats Seek to End Major Billionaire Tax Avoidance Scheme in New Senate Bill | Sharon Zhang | radiofree.asia | https://radiofree.asia/2023/12/05/democrats-seek-to-end-major-billionaire-tax-avoidance-scheme-in-new-senate-bill/ | 2024-05-10T09:08:00+00:00
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