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 guidance and ruling being 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.
I’m gonna do the most annoying thing in the world here, and just tell you to go watch Finding The Money. I feel like that’s a dick move in 99% of circumstances, but I did explicitly start this thread with the notion that after watching that documentary… I felt like these were misleading terms. So if you wanna discuss whether they are misleading terms given that context, it might be useful to share that same context.
I’m down to talk more afterwards. You’ve been a good pen pal.
I think the problem here is that your point isnt nearly as profound as you think.
You just generally “feel” that some terms are too negative after watching a moving “documentary”?
Cool.
I really appreciate what the other poster had to say though, gave me a lot to look into.