The U.S. Senate Finance Committee recently held a hearing to consider how to make the U.S. tax system more fair. The hearing included research released by the Joint Committee on Taxation (https://bit.ly/47tVUrn). The lawmakers discussed taxing the ultra-wealthy, how to simplify reporting and the degree to which taxes should be “progressive.” Chair Ron Wyden (D-OR) called out “buy, borrow, die” wealth strategies and policies that enable some taxpayers to evade tax legally. John Barrasso (R-WY) argued that Democratic proposals to increase the capital gains tax and impose a business income surcharge would harm small businesses. The hearing ended with members divided along party lines.
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