IRS to raise $50 billion over 10 years by closing loophole exploited by the wealthy

Rob Wile is a breaking business news reporter for NBC News Digital.

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. The loophole allows such taxpayers, as well as businesses, to move assets between entities in a way that authorities say has no economic purpose. Deputy Treasury Secretary Wally Adeyemo called the practice “really just a shell game' in a statement.

The plan builds on ongoing IRS efforts to increase audits on the wealthiest taxpayers, large corporations and complex partnerships. “These tax shelters allow wealthy taxpayers to avoid paying what they owe,” IRS Commissioner Danny Werfel told reporters on a press call Friday. The announcement comes less than one week after President Joe Biden’s top economic advisor unveiled the administration's “key principles” for tax policy, including sustained IRS funding.

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