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 ...
They’re not after the wealthy. They’ll squeeze the serfs some more.
Don’t forget the “gun show loophole.”
100%
What’s that? Three weeks of running the country? If that?
Three DAYS.
Yes, it is not just the tax code.
“Biden administration officials said after evaluating the practice that there are no economic grounds for these transactions”
Sure there is. A legitimate and legal way to avoid taxes.
Sorry Chomo Joe. We can’t all be Biden’s and just refuse to pay taxes.
“with Deputy Treasury Secretary Wally Adeyemo calling it “really just a shell game.””
With his name, he would know.
the average person can not take loophole loophole and get away with it....
It's actually beneficial that our politicians are so stupid or they would be really dangerous.
So... about ten years to collect enough to fund Zelenskyy for three months?
We have the single most progressive tax code in the history of earth.
45% pay $0.
while the top 1% are taking advantage and paying more of the whole than ever.
Consumption taxes are regressive. The result will be the exact opposite of your desires. You and Bill Gates consume roughly the same amount. Should you both be taxed on roughly equal consumption despite his earning billions and billions more than yourself?
The VAT tax in Europe largely turned Europe from an innovation leader into a lagging edge continent almost wholly dependent on the US and Asia for any and all innovation.
It should also be obvious that the rich are paying more of the whole than at any other time in US history.
Likewise, regardless of scheme Uncle Sam has collected 15% of the GDP in tax revenue since WWII.
For many years at this point, Uncle Sam is spending 25% of the GDP annually.
It should also be obvious that this is not a taxing problem.
That said, European taxes are close to twice as high as in the US. They collect almost twice as much of the GDP annually dependent upon country. That will be coming here in the form of a consumption tax and income tax-no different than Europe.
What will follow is a complete dearth of innovation leaving us dependent on Asia-which I suppose is the end game of the fundamental transformers.
With 45% of returns paying $0-
the avg person is paying next to nothing in direct federal taxes.
class warfare is the Marxist divisive rich v poor, male v female, black v white etc....hate campaign.
I understand the confusion though, the guy paying more than next to nothing deserves to be a vilified for saving a few dollars-in some alternate universe.
Reagan closed some major loopholes working with Congress. I learnt about it in college once upon a time.
On that last, the problem is that they’ll get nukes fast, and Iran for one can send them fairly long distances already. Israel has substantial missile defenses. We do not, and establishing them to protect all our cities competently would likely double the US defense budget.
Besides, the savings you tout are minimal compared to the domestic crap.
Yeah, thought I’d stretch it a bit but you’re right. Three days.
The essential problem here is that between Federal, state, and local government, over 40% of our GDP gets sucked up by government spending. More taxation, wherever it occurs, just exacerbates the problem.
Always remember if they tighten the net even the small fish
won’t escape...
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