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IRS plans to raise $50 billion over 10 years, closing loophole exploited by the wealthy

Posted on AllSides June 17th, 2024
From The Left
Patrick Semansky / AP file

The IRS estimates it will raise more than $50 billion over the next decade by closing a loophole often exploited by wealthy filers seeking to avoid paying taxes.

The loophole allows such taxpayers, as well as businesses, to move assets between entities in a way that authorities say has no economic purpose. Deputy Treasury Secretary Wally Adeyemo called the practice “really just a shell game" in a statement.

The use of such pass-through businesses has nevertheless increased 70% from 2010 to 2019, and helped allow the top 1% avoid paying...

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