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Podcast: γ¬γ’γΈγ§γθ±δΌθ©± Daily News Article Podcast
Episode: The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process
Description: The Internal Revenue Service (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 proposed rule and guidance announced includes plans to essentially stop "partnership basis shifting"βa 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 sa...