Sen. Ron Wyden has zeroed in on the tax code’s hidden corners. The Oregon Democrat, as ranking member of the Senate Finance Committee, rolled out bills last week to shut down strategies that let the ultra-wealthy sidestep billions in taxes. Private placement life insurance tops the list. These policies, holding at least $40 billion for a handful of policyholders with fortunes in the hundreds of millions or more, offer tax-free growth on investments in hedge funds and private equity. Borrowers tap them at low rates, dodging income, gift, and estate taxes entirely. Wyden’s Protecting Proper Life Insurance from Abuse Act reclassifies them as non-insurance contracts. No more tax-free buildup. No tax-free death benefits. Earnings get taxed yearly to the holder ( Senate Finance Committee ). Then come grantor retained annuity trusts, or GRATs. The ultra-rich pour tens of millions into these setups, designed to zero out gift and estate tax on appreciating assets.…