Wyden Seeks to Overhaul Partnership Taxes as Revenue Raiser

Senate Finance Committee Chairman Ron Wyden—a key player in the tax and social spending agenda Democrats hope to advance this month—has introduced a bill to tighten tax reporting requirements around business partnerships.

Partnership “rules are too complex for working people who don’t have armies of lawyers and accountants,” said Wyden (D.-Ore.) in a release touting the new legislation. Wyden’s likely to include the tax bill in the tax section of a broader reconciliation bill that Democrats will use to expedite their multitrillion dollar plan this month. The complexity of the partnership rules allow, “the wealthiest ...