Congress is taking notice of the “buy, borrow, and die” strategy used by the wealthy to avoid taxes, a legal yet controversial practice.

This approach involves acquiring assets, borrowing against their growth, and passing them on to heirs, allowing billions in income to have a zero income tax rate. The tactic creates hundreds of billions of dollars in non-taxable revenue annually.

Sen. Ron Wyden, Oregon Democrat, said he is exploring the best ways to close the loopholes. The trick is figuring out how to value and correctly tax assets that haven’t been sold.

To read a comprehensive version of this article by Stephen Dinan click HERE

• Washington Times Staff can be reached at 202-636-3000.