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Mon Jun 17, 2024, 10:49 AM Jun 17

IRS plans to raise $50 billion over 10 years, closing loophole exploited by the wealthy [View all]

Source: NBC News

June 17, 2024, 10:17 AM EDT

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 use of such pass-through businesses has nevertheless increased 70% from 2010 to 2019, and helped allow the top 1% avoid paying $160 billion in taxes, Treasury said. “Treasury and the IRS are focused on addressing high-end tax abuse from all angles, and the proposed rules released today will increase tax fairness and reduce the deficit,” U.S. Secretary of the Treasury Janet Yellen said 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.

Read more: https://www.nbcnews.com/business/taxes/irs-raise-50-billion-dollars-closing-loophole-exploited-wealthy-rcna157492

Link to Treasury Department PRESS RELEASE - U.S. Department of the Treasury, IRS Announce New Initiative to Close Loopholes, Ensure Wealthiest Taxpayers Pay What They Owe
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