IRS and Treasury plan to raise $50 billion by closing a tax loophole

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The IRS and Treasury Department unveiled a plan to close a loophole used by the nation’s ultra-wealthy and raise $50 billion in tax revenue in the next decade. Investopedia’s Editor-in-Chief Caleb Silver explains the loophole and the other efforts to stop people from avoiding tax payments.

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It's not a loophole, it's how legislation/regulations are written & passed ... by congress

RR

Will close the cars given to schools and non profits. This is for regular people, not big companies.

shnabe

Government spends 50 billion in a day. Maybe we should talk about how to stop the government from spending so much instead of this class warfare stuff?

justSTUMBLEDupon

50 billion over 10 years... So 5 billion a year... Yeah the US government just spent that as I was typing this.

lizard

“Like loopholes for private jets” John Kerry

g.t.richardson

Yup, and then give it to Ukraine and other non-US Citizens. What a country. 😞

timothypacker

Imagine if we just closed the loop holes:))))

patrickanderson

"If we tell people this will target the rich they'll ignore the fact 90% of audits are on the middle class."

TakinErEasyHere

Take it from Ukraine they have the money

sonjie

5 billion a year, when we spend 1 trillion every 100 days…

_qm

The Wealthy Don't play with their Own money or they wouldn't be Wealthy...

warrenholub

The IRS doesn't write tax law congress does.

wfodavid

Watch them closely or this bill will fail.

ogradus

A 'loophole' when opposed, a 'law' when favored.

liberty-matrix

Why do us people let this happen.because we have no say in the matter.ever.

adamdizzy

Raising taxes won’t help, changing the tax code will

officerholdmybeer

We wouldn’t need such high taxes if government would not spend our money so stupidly.

jeffa

The first tax law was a 1% tax on the top 1% 😮

johnjenson

We make laws in congress, not the board of commissioners of the IRS.

paulbrungardt

We went from fighting tax on tea to being taxed for everything. 🙃

Mando_Trucker

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