IRS Proposes to Close Tax Loophole for Wealthy, Aiming to Raise $50 Billion

Reported 12 months ago

The U.S. Treasury Department announced a plan by the IRS to end a major tax loophole for wealthy taxpayers known as 'partnership basis shifting,' potentially raising over $50 billion in revenue in the next decade. This practice allows the wealthy to move assets between related parties to avoid taxes. The increased oversight and awareness were made possible by additional IRS funding, which has identified significant tax avoidance by the top 1% of earners.

Source: YAHOO

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