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Percentage increase in tax revenue from large partnerships by mid-2025?
3
Resolution / Starting Odds
0-10% • 25%
11-20% • 25%
21-30% • 25%
31% or more • 25%
U.S. Treasury Department or IRS financial reports
Story
U.S. Treasury and IRS to Close Major Tax Loophole for Wealthy Taxpayers, Raising $50 Billion Over a Decade
Jun 17, 2024, 02:26 PM
The U.S. Treasury Department and the Internal Revenue Service (IRS) have announced a new initiative to close a major tax loophole used by large partnerships. This move is part of the Biden administration's broader effort to limit tax dodging and is expected to generate more than $50 billion in revenue over the next decade. The loophole, known as 'partnership basis shifting,' allows wealthy taxpayers to move assets among related parties to avoid taxes. By tightening the rules, the IRS aims to prevent complex partnerships from inflating tax deductions, thereby increasing audit rates for large businesses and complex entities. The announcement was made on Monday and targets wealthy filers.
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Less than 50% • 25%
50-60% • 25%
60-70% • 25%
More than 70% • 25%
0-25% • 25%
26-50% • 25%
51-75% • 25%
76-100% • 25%
0-10% • 25%
11-20% • 25%
21-30% • 25%
Above 30% • 25%
Significant increase in tax revenue • 25%
Moderate increase in tax revenue • 25%
No significant change in tax revenue • 25%
Decrease in tax revenue • 25%
Tax hikes implemented as planned • 33%
Tax hikes partially rolled back • 33%
Tax hikes completely rolled back • 34%
Revenue increases • 25%
Revenue remains the same • 25%
Revenue decreases but less than 10% • 25%
Revenue decreases by 10% or more • 25%
Corporate taxes • 25%
Individual income taxes • 25%
Payroll taxes • 25%
Other taxes • 25%
Less than $10 million • 25%
$10 million to $20 million • 25%
$20 million to $30 million • 25%
More than $30 million • 25%
Tax cuts extended • 25%
New tax cuts introduced • 25%
Tax increases implemented • 25%
No significant changes • 25%