Sen. Ron Wyden Targets Derivatives To Tackle Tax Evasion
Law360, New York (May 18, 2016, 11:04 PM EDT) -- Sen. Ron Wyden, D-Ore., on Wednesday released a proposal aimed at simplifying how derivatives are taxed by requiring ordinary income treatment for all derivative contracts in order to cut down on the use of complicated financial tools to avoid paying taxes.
The Senate Finance Committee ranking member said the discussion draft of the Modernization of Derivatives Tax Act would level the playing field for average taxpayers and lay the groundwork for reform by repealing nine tax code sections and wiping out hundreds of pages of regulations.
Wyden said wealthy taxpayers with a sophisticated understanding of the system are able to exploit...
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