Daily Tax Update - May 2, 2017: Sen. Wyden Releases Modernization of Derivatives Tax Act

Sen. Wyden Releases Modernization of Derivatives Tax Act:  Today, Senate Finance Committee Ranking Member Ron Wyden (D-OR) introduced the Modernization of Derivatives Tax (MODA) Act of 2017 intended to “prevent wealthy investors from using complex financial tools as a way to avoid paying their fair share of taxes.” The bill would require recognition of gains on derivatives each year (“mark-to-market”) and apply ordinary tax treatment to the those gains. Sen. Wyden released a substantially similar bill in the 114th Congress. The full text of the bill can be found here and a summary can be found here.