The Internal Revenue Service plans to end another major tax loophole that could raise more than $50 billion in revenue over the next decade
FILE - A sign for the Internal Revenue Service building in Washington, May 4, 2021. The IRS plans to end another major tax loophole that could raise more than $50 billion in revenue over the next decade, the U.S Treasury says.plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the
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“These tax shelters allow wealthy taxpayers to avoid paying what they owe," IRS commissioner Danny Werfel said.
The IRS says filings for large pass-through businesses used for the type of tax avoidance in the guidance increased 70% from 174,100 in 2010 to 297,400 in 2019. However, audit rates for these businesses fell from 3.8% to 0.1% in the same time frame.
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