IRS plans to close 'major' tax loophole used by wealthy Americans

T he IRS and Treasury Department on Monday unveiled a plan to end a major tax loophole used by wealthy taxpayers, a move that could generate as much as $50 billion in revenue over the …

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IRS Plans To Close 'major' Tax Loophole Used By Wealthy Americans

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T he IRS and Treasury Department on Monday unveiled a plan to end a major tax loophole used by wealthy taxpayers, a move that could generate as much as $50 billion in revenue over the …

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The IRS Is Cracking Down On A Tax Loophole For The Rich. The Effort ...

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Jun 17, 2024 · Massachusetts sales tax holiday coming in August 00:25. The IRS could raise more than $50 billion in revenue over the next decade by ending a major tax loophole for …

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IRS Plans To Raise $50 Billion Over 10 Years, Closing Loophole ...

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The IRS estimates it will raise more than $50 billion over the next decade by closing a loophole often exploited by wealthy filers seeking to avoid paying taxes. The loophole allows such …

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IRS Wants To End Major Tax Loophole For Wealthy, Raise $50 Billion …

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Jun 17, 2024 · 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. …

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The IRS Wants To End Another Major Tax Loophole For The Wealthy …

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Jun 17, 2024 · 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.

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The IRS Wants To End Another Major Tax Loophole For The Wealthy …

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WASHINGTON (AP) — 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 …

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Jun 17, 2024 · WASHINGTON -- 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 …

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Jun 17, 2024 · WASHINGTON — 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. …

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FAQs about IRS plans to close 'major' tax loophole used by wealthy Americans Coupon?

Will the IRS end a major tax loophole?

The IRS plans to end another major tax loophole that could raise more than $50 billion in revenue over the next decade, the U.S Treasury says. (AP Photo/Patrick Semansky, File) FILE - A sign outside the Internal Revenue Service building is seen, May 4, 2021, in Washington. ...

Will the IRS crack down on a tax loophole?

The IRS is cracking down on a tax loophole for the rich. The effort could raise $50 billion. June 17, 2024 / 12:16 PM EDT / CBS/AP The IRS could raise more than $50 billion in revenue over the next decade by ending a major tax loophole for wealthy taxpayers, the U.S. Treasury Department said Monday. ...

How much money will the IRS raise by closing a loophole?

The IRS estimates it will raise more than $50 billion over the next decade by closing a loophole often exploited by wealthy filers seeking to avoid paying taxes. The loophole allows such taxpayers, as well as businesses, to move assets between entities in a way that authorities say has no economic purpose. ...

What is a tax loophole?

The loophole allows such taxpayers, as well as businesses, to move assets between entities in a way that authorities say has no economic purpose. Deputy Treasury Secretary Wally Adeyemo called the practice “really just a shell game" in a statement. ...

Why did the IRS cut back on tax avoidance?

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. The IRS says filings for large pass-through businesses used for the type of tax avoidance in the guidance increased 70% from 174,100 in 2010 to 297,400 in 2019. ...

Why does the IRS disproportionately target low-income Americans?

That's because the IRS disproportionately targets low-income Americans when it conducts tax audits each year. The discrepancy is primarily due to high-income taxpayers having complex investments that can easily shroud the gap between taxes owed and paid versus taxes reported and paid. ...