The Internal Revenue Service’s (IRS) plan to generate an additional $50 billion over the next decade by closing a tax loophole that has been widely exploited by wealthy taxpayers and businesses. This loophole allowed for the shifting of assets between related entities without any economic purpose, effectively serving as a tax shelter. The closure of this loophole is part of a broader effort by the IRS and the Treasury Department to address high-end tax abuse and increase tax fairness. The strategy includes increasing audits of the wealthiest taxpayers, large corporations, and complex partnerships. The move is expected to reduce the deficit and is in line with the administration’s principles for tax policy, which emphasize sustained IRS funding and ensuring that ultra-wealthy taxpayers pay their fair share.
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