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 Department says.
The guidance and ruling being announced Monday includes plans to essentially stop “partnership basis shifting” — a process by which a business or person can move assets among a series of related parties to avoid paying taxes.
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.
“These tax shelters allow wealthy taxpayers to avoid paying what they owe,” IRS commissioner Danny Werfel said.
Easy to cheer them on when they’re talking other peoples money…
I’ve already given mine. Why should rich people give less than their proportional share?
That’s all Adam Carolla, baby.
He hates ‘fair share’ rhetoric, and boy does he go off about it.
They take my money, and I’m fine with paying my fair share. Easy to cheer them on for going after the shits that don’t.
Moron
I paid my share.
Fuck you, pay your taxes.
Its ok, they’re doing it to a group of people who also make their money from taking other peoples money. So, cheer away at the poetic justice.
They take my money too and I’m OK with it so if they get to take money from people who make 2000 times more money then me and don’t pay their share I will cheer it on.
Easy to cheer them on when they’re forcing tax avoiders to pay taxes like the rest of the population.
Easy to cheer them on when they’re fixing loopholes constructed and exploited by the wealthy.
Easy to cheer them on when they’re streamlining a woefully archaic tax system.
They are using far more of the courts, currency, and infrastructure than we are. They are getting police protection of their property instead of having their pets murdered. They are getting massive government handouts that we are not.
They can start paying their fair share.