Bob Lord

The billions our billionaires are grabbing currently face a next-to-nothing tax rate.

The “basis step-up” lets wealthy people avoid paying income tax on lifetimes of investment gains.

A perverse loophole allows owners of profitable teams — and their heirs — to lower their tax bills by claiming huge paper losses.

Lawmakers have known about this giant loophole for years. Now it’s time to do something about it.