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Market
How will major business lobbying groups respond to the new tax regulation by the end of 2024?
4
Resolution / Starting Odds
Support • 33%
Oppose • 33%
Neutral • 33%
Public statements, press releases, and official announcements from business lobbying groups
Story
Biden Administration Targets Major Tax Loophole, Aims to Raise $50 Billion
Jun 17, 2024, 05:33 PM
The Biden administration, through the U.S. Treasury Department and the Internal Revenue Service (IRS), has announced a new initiative to close a significant tax loophole exploited by large partnerships and wealthy taxpayers. This loophole, known as 'partnership basis shifting,' allows entities to move assets among related parties to avoid paying taxes. The Treasury and IRS estimate that closing this loophole could raise more than $50 billion in revenue over the next decade. This effort, announced Monday, is part of a broader campaign to prevent complex partnerships from inflating tax deductions and to increase audits of wealthy tax filers.
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Increase in capital investments • 25%
Increase in share buybacks • 25%
Increase in employee wages • 25%
No significant change • 25%
Support from major stakeholders • 25%
Opposition from major stakeholders • 25%
Mixed reactions • 25%
No significant statements • 25%
Increase in domestic reinvestment • 33%
Increase in foreign investments • 33%
No significant change • 34%
Relocate manufacturing to the U.S. • 25%
Expand existing U.S. manufacturing • 25%
No significant change • 25%
Other strategic moves • 25%
Finance • 25%
Real Estate • 25%
Healthcare • 25%
Technology • 25%
Tax cuts extended • 25%
New tax cuts introduced • 25%
Tax increases implemented • 25%
No significant changes • 25%
New tax bill introduced • 25%
Amendments to existing tax bills • 25%
No major action • 25%
Other legislative actions • 25%
Support the amendments • 33%
Oppose the amendments • 33%
No official stance • 33%
Relocation to Tax-Free Regions • 25%
Investment in Renewables • 25%
Legal Challenges • 25%
Compliance with Tax • 25%
Republican support • 25%
Democratic opposition • 25%
Bipartisan support • 25%
Bipartisan opposition • 25%