The IRS Targets Major Tax Loopholes for Wealthy Individuals

Monday, 17 June 2024, 12:45

The IRS is aiming to close a significant tax loophole exploited by wealthy taxpayers, with potential revenue of over $50 billion foreseen in the next decade. The initiative focuses on preventing 'partnership basis shifting' practices, a tactic used to sidestep tax obligations. The Biden administration and the U.S. Treasury Department view these maneuvers as economically unjustifiable, labeling them as a 'shell game.' This regulatory move signals a strict stance on tax compliance and aims to boost government income.

Yahoo Finance — The IRS Targets Major Tax Loopholes for Wealthy Individuals

IRS Cracks Down on Tax Loopholes

The IRS is set to close a significant tax loophole that has been benefiting wealthy individuals.

Partnership Basis Shifting

This regulatory move targets 'partnership basis shifting' practices to prevent tax avoidance strategies.

Revenue Impact: Over $50 billion estimated revenue in the next decade.
Economic Justification: Deemed a 'shell game' by the Deputy Treasury Secretary.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

IRS Cracks Down on Tax Loopholes

Partnership Basis Shifting

Related posts