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IRS moves to end another major tax loophole and raise $50 billion

Posted on AllSides June 17th, 2024
From The Right

The IRS has set its sights on what it says is $50 billion of missing tax revenue lost to wealthy people shifting their assets between companies. The US Treasury announced new rules on Monday to crack down on 'partnership basis shifting' as they warned they were coming after $160 billion of due revenue they say is unpaid by the top 1 percent of earners each year. Biden administration officials said after evaluating the practice that there are no economic grounds for these transactions, with Deputy Treasury Secretary Wally Adeyemo calling...

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