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Primary method IRS will use to close the tax loophole by 2024?
2
Resolution / Starting Odds
Increased audits • 33%
New reporting requirements • 33%
Penalties for non-compliance • 34%
IRS official guidelines or press releases
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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New regulations • 25%
Legislation passed by Congress • 25%
Executive order • 25%
No significant action taken • 25%
Program ended • 25%
Program continues unchanged • 25%
Program modified • 25%
Other outcome • 25%
Protecting American manufacturers • 25%
Preventing entry of illegal drugs • 25%
Ensuring fair trade practices • 25%
Other • 25%
Yes • 50%
No • 50%
Republicans oppose, Democrats support • 25%
Both parties support • 25%
Both parties oppose • 25%
Other configurations • 25%
Support Elimination • 25%
Support Modification • 25%
Oppose Changes • 25%
No Public Stance • 25%