Wyden, King Introduce Bill to Close Major Tax Loophole Involving High-Value Trusts
Washington, D.C. – Senate Finance Committee Chair Ron Wyden, D-Ore., and Senator Angus King, I-Maine, introduced legislation today that would crack down on schemes involving the abuse of certain high-value trusts by ultra-wealthy individuals to avoid income, gift and estate taxes. The Getting Rid of Abusive Trusts Act would close a loophole and modify rules […]
Wyden, Whitehouse Seek Justice Department Records on Trump Admin Interference That Reportedly Halted Caterpillar Investigation
Washington, D.C. – Senate Finance Committee Chairman Ron Wyden, D-Ore., and Budget Committee Chairman Sheldon Whitehouse, D-R.I., sent a letter on Thursday to Attorney General Merrick Garland seeking information and documents pertaining to alleged interference by senior Trump officials in a criminal investigation into corporate behemoth Caterpillar (CAT), the subject of a multibillion-dollar tax dispute. […]
Wyden, Crapo Call for Swift Passage of Bipartisan PBM Reforms
Washington, D.C. – Senate Finance Committee Chair Ron Wyden, D-Ore., and Ranking Member Mike Crapo R-Idaho, today renewed their call for the passage of their bipartisan legislation to crack down on pharmacy benefit managers (PBMs) and their shadowy tactics that are driving up the cost of prescription drugs and forcing pharmacies across the country to […]
Wyden Statement at Finance Committee Hearing on President Biden’s Health Care Agenda
Today, the Finance Committee meets to discuss the year ahead for health care in our country. Thank you, Secretary Becerra, for joining us. I’m going to start us off today with a little history lesson. Topic one: drug prices. In July of 2020 Donald Trump said, and I quote: “Since the day I took office, […]
Wyden Hearing Statement on the American Manufacturing Boom, the IRA and CHIPS and Science Act
There’s a lot for the Finance Committee to discuss on the topic of manufacturing this morning. I want to start off with a bit of recent history on key manufacturing priorities. On infrastructure, it became a running joke during the Trump administration that every week was infrastructure week. The big infrastructure bill was always a […]
NEWS: Wyden, Sanders Press Federal Agencies to Protect Americans Against Surprise Medical Bills
Washington, D.C. – Senate Finance Committee Chair Ron Wyden, D-Ore., and Senate Health, Employment, Labor and Pension (HELP) Committee Chair Bernard Sanders, I-Vt., this week sent a letter to federal agencies requesting they issue guidance to insurers to crack down on cost-sharing practices that land patients with surprise medical bills after receiving preventative services. “Health […]
Wyden Statement on the State of the Union Address
Washington, D.C. — Senate Finance Committee Chair Ron Wyden, D-Ore., released the following statement today in reaction to President Biden’s State of the Union address: “Tonight the president once again made a strong argument for why the Congress ought to pass my Billionaires’ Income Tax as the centerpiece of an effort to ensure that the […]
Wyden Statement on Treasury Department’s Finalized Direct Pay Rules for IRA Clean Energy and Chips Tax Credits
Washington, D.C. — Senate Finance Committee Chair Ron Wyden, D-Ore., released the following statement today on the Treasury Department’s finalized regulations regarding “direct pay” eligibility for tax credits for IRA clean energy projects and CHIPS Act semiconductor manufacturing: “When Congress passed the Inflation Reduction Act and the CHIPS Act, our goal was to unleash the […]
Wyden and Pallone Urge CMS to Ensure All States Come into Full Compliance with Medicaid and CHIP Eligibility Requirements
Washington, D.C. – Senate Finance Committee Chairman Ron Wyden (D-OR) and House Energy and Commerce Committee Ranking Member Frank Pallone, Jr. (D-NJ) wrote to Centers for Medicare & Medicaid Services (CMS) Administrator Chiquita Brooks-LaSure today to urge the agency to require states to commit to a concrete plan for coming into full compliance with Medicaid […]
Wyden Exposes Private Placement Life Insurance as a Tax Shelter for the Ultra-Wealthy Holding at Least $40 Billion
Washington, D.C. – Senate Finance Committee Chairman Ron Wyden, D-Ore., today released the results of an 18-month investigation into the use of private placement life insurance (PPLI) as a “buy, borrow, die” tax shelter for the ultra-wealthy. The investigation, the first of its kind into PPLI, found that the domestic PPLI industry is now a […]