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Senate’s Wyden Presses IRS Over Hedge Funds’ Tax-Avoidance Moves

Senate Finance Committee Chairman Ron Wyden is pressing the Obama administration over why the U.S. has failed to end a tax-avoidance strategy used by hedge funds, including John Paulson’s Paulson & Co.

Wyden, an Oregon Democrat, asked the U.S. Treasury Department and the Internal Revenue Service what they’ve done to challenge funds that channel investments through insurance companies in tax havens as a way to lower fund managers’ personal income-tax bills.