I hope that's his real name, and not a misspelling of the former Gator Great.
Posted on 06/17/2024 3:32:37 PM PDT by Olog-hai
The 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 Monday includes plans to essentially stop “partnership basis shifting” — a 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 said the additional IRS funding provided through the 2022 Inflation Reduction Act had enabled increased oversight and greater awareness of the practice.
“These tax shelters allow wealthy taxpayers to avoid paying what they owe,” IRS commissioner Danny Werfel said.
Due to previous years of underfunding, the IRS had cut back on the auditing of wealthy individuals and the shifting of assets among partnerships and companies became common. …
(Excerpt) Read more at apnews.com ...
With selective prosecution, what does it matter?
Jim, Joe, Hunter, Ashely and 13 Bidens got millions via 25 LLCs.
It’s all approved and blessed
I hate the term loophole.
It’s law passed by Congress.
“Due to previous years of underfunding, the IRS had cut back on the auditing of wealthy individuals”
Funny they always have the resources to audit the middle class.
We should close loopholes. The Wealthy Liberal Elite benefits from them.
Why should we care?
Who do they give their money to?
“I hate the term loophole.”
You mean like the tax loophole that allows Americans to breathe publicly owned air without paying a tax to the politicians in Washington for the use of that air?
That loophole?
“I hate the term loophole.”
So do I. The term “loophole” is used by liberals to describe features of the tax code that they do not like. Features they like are described as “investments” some similar drivel. Pure Orwell.
Soooo when are the freeloading, welfare sucking deadbeats that make up the base of the democRAT party going to pay THEIR fair share?
We are paying taxes. While the Elite gets to pay less in taxes.
Perhaps there should be a consumption tax instead. 20% national tax on everything that's sold. So everyone pays the same rate. There's no point to maintain our tax code because if you're wealthy, you'll take advantage of loopholes anyway.
“You mean like the tax loophole that allows Americans to breathe publicly owned air”
More likely the loophole that lets you live in your paid off house without paying taxes on the imputed rent you are getting for free.
Consumption tax-fine. Everyone has skin in the game. What do you think the rats will say? The poor will pay more(never paid any). The rich will pay a smaller percentage because they can only consume so much.
Throw in an import fee. Cut the government by 50%. Ain’t gonna happen.
It would be nice to see how wealthy we could be by closing military bases worldwide and gutting the government. Let the Chicoms take over the Middle East. They’ll get tired real quick or a whole lotta people on both sides will die-who cares?
A heavy progressive or graduated income tax.That is the second plank of communism. Should be obvious why rich liberals will ignore this and simply find another way of “avoiding” payment of taxes.
Like most tax strategies it looks to be a deferral method, not a tax elimination.
https://www.thetaxadviser.com/issues/2022/jul/nonliquidating-distributions-determine-basis.html
I hope that's his real name, and not a misspelling of the former Gator Great.
If they don’t like the complexity then Congress could always simplify the tax code.
The poor should pay taxes too. Even if they receive benefits. There's no such thing as a free lunch.
When he wins, after making his first tax-cut permanent, Trump should abolish this loophole and use all of the anticipated revenues to cut marginal rates further across the board.
“It’s law passed by Congress.”
The US tax code is about 6800 pages. When you add the regulations derived from it, court rulings and tax guidance it is about 75,000 pages.
No single human being can know and comprehend the entire tax code and its ancillary rulings, guidance, and regulations.
If the government truly wished to increase taxes, it would move to a simple flat tax with no deductions. Not only would it collect more with a simple postcard return, the elimination of the complexity of the existing code would eliminate thousands of book keeping, accounting, legal, and administrative jobs throughout the country. It would also free up the time of Congressmen, Senators and their staffs.
The truth is the tax code is lengthy and complex because politicians use it to benefit wealthy donors, corporations, non-profits. and interest groups. Cut one “loophole” out, and five more will be buried in the thousands of pages of the next omnibus, pork laden, spending bill.
The only military we need is the navy.
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