The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Depart
FILE - A sign outside the Internal Revenue Service building is seen on May 4, 2021, in Washington. A former contractor for the Internal Revenue Service has been charged with leaking tax information to news outlets about a government official and thousands of the country's wealthiest people. The Justice Department said in a statement Friday, Sept. 29, 2023, that 38-year-old Charles Edward Littlejohn of Washington, D.C.
Biden administration officials said after evaluating the practice that there are no economic grounds for these transactions, with Deputy Treasury Secretary Wally Adeyemo calling it "really just a shell game." The officials said the additional IRS funding provided through the 2022 Inflation Reduction Act had enabled increased oversight and greater awareness of the practice.
Treasury said in a statement announcing the new guidance that there is an estimated $160 billion gap between what the top 1% of earners likely owe in taxes and what they pay.
Tax Loophole Wealthy Partnership Basis Shifting Revenue Audit Rates Tax Avoidance Inflation Reduction Act
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