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
IRS plans to raise $50 billion over 10 years, closing loophole exploited by the wealthy Federal officials said the loophole, which allowed tax-filers to shift assets between related entities, served no economic purpose..
The use of such pass-through businesses has increased 70% from 2010 to 2019 and helped allow the top 1% avoid paying $160 billion in taxes, Treasury said. The plan builds on ongoing IRS efforts to increase audits of the wealthiest taxpayers, large corporations and complex partnerships. President Joe Biden’s top economic adviser last week unveiled the administration's “key principles” for tax policy, including sustained IRS funding.
Tax Billion Wealthy Loophole Funding Taxpayers Treasury
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