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The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process

Posted on AllSides June 17th, 2024
From The Right

By JOSH BOAK and FATIMA HUSSEIN (Associated Press) WASHINGTON (AP) — The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department says. The guidance and ruling being announced Monday includes plans to essentially stop “partnership basis shifting” — a process by which a business or person can move assets among a series of related parties to avoid paying taxes. Biden administration officials said after evaluating the practice that there are no...

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https://bostonherald.com/2024/06/17/the-irs-wants-to-end-another-major-tax-loophole-for-the-wealthy-and-raise-50-billion-in-the-process

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