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The Internal Revenue Service is cracking down on a"major tax loophole" that wealthy individuals, complex partnerships and corporations use to skirt the taxes they owe — and it could raise more than $50 billion in revenue over the next 10 years.
"For example, a partnership might shift tax basis from property that does not generate tax deductions to property that does ," the Treasury said. "The combination of fewer resources to unpack ever more complicated business structures made it easier for wealthy taxpayers to avoid paying what they owe and are contributing to the estimated $160 billion per year tax gap attributed to the top 1 percent of filers," Treasury said.
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