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Biden IRS announces crackdown on complex partnerships, says it will raise $50 billion

Posted on AllSides June 17th, 2024
From The Right

The Treasury Department and IRS have announced a new crackdown on tax planning through complex partnerships, a move the Biden administration contends will raise $50 billion in tax revenue. The initiative announced Monday will close a “major tax loophole” used by complex partnerships, the Treasury Department said. If the “loophole” is closed, it would raise an estimated $50 billion over the next decade. The Treasury Department said in a press release it would target “related party basis shifting.” In such transactions, a single business operates through many different legal entities...

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