Closing asset loophole could add billions to tax collections, IRS says

H

Hume

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The Biden administration plans to stop businesses and wealthy individuals from manipulating the value of assets in arcane ways such as using the same assets over and over again to lower their taxes.

High-end business partnerships like hedge funds and wealthy individuals such as real estate investors have inappropriately used labyrinthine structures to shield tens of billions of dollars from taxation, Treasury Department officials said Monday as they vowed to crack down on the practice.

They announced several steps to address a tax planning strategy known as basis shifting, in which complex business partnerships can move assets from one entity to another on paper for no reason other than to avoid taxes.

 
“These transactions don’t create any economic activity for the U.S. “Their sole purpose is to reduce tax bills,” said Deputy Treasury Secretary Wally Adeyemo, adding that shutting down inappropriate basis shifting could increase tax collections from partnerships by at least $5 billion a year over the next decade.
 
adjusted for inflation we went from spending under 5k per citizen in 1965 to over 20k today

a return to sane spending levels is what is called for. your "solutions" are just part of the problem actually
 
zymurgy said:
adjusted for inflation we went from spending under 5k per citizen in 1965 to over 20k today

a return to sane spending levels is what is called for. your "solutions" are just part of the problem actually
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Going back to 1965 isn’t really relevant, look at the tax brackets in 1965
 
The desire to take money from people and business to line the pockets of government officials and their cronies will never make sense to intelligent and logical beings.
 
Hume said:
You did not read the post that started this thread. So, that makes you unintelligent.
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your ignorance is showing. those loopholes in tax laws exist because of one reason. Congress was paid by their lobbying cronies to make them so that their business cronies could use them, thus being able to line their own pockets.
you are the dumbest and most partisan idiot on this forum.
 
archives said:
Going back to 1965 isn’t really relevant, look at the tax brackets in 1965
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suggesting a model that prefers citizens be independent is not asking for much. I am discussing spending, not taxation - so why look at the brackets?

pointing out that we eliminated a check and balance against run away spending is also the point. I didn't pull 1965 out of a hat like a rabbit

you continuously seek to find more ways for governments to extract from citizens - so you do need to look at the other side of that coin now and again - how do we make sure governments are not running amok as they clearly are)
 
zymurgy said:
adjusted for inflation we went from spending under 5k per citizen in 1965 to over 20k today

a return to sane spending levels is what is called for. your "solutions" are just part of the problem actually
Click to expand...
The leftists never really talk about spending do they?
 
Yakuda said:
The leftists never really talk about spending do they?
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No, they don't. They do talk about environmental issues though, but won't touch on how we are overconsuming, and how we manage to do so - currency manipulation:

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With less than 5 percent of world population, the U.S. uses one-third of the world's paper, a quarter of the world's oil, 23 percent of the coal, 27 percent of the aluminum, and 19 percent of the copper
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closing the "loopholes" and allowing more spending per person will only make those percentages go up as taxes merely serve the interest on our spending
 
This is another one I don't get. The additional IRS agents that are being hired are being hired SPECIFICALLY to go after high income tax cheats where the revenue would actually be meaningful. Right now, the IRS uses their limited resources to pick low hanging fruit from lower income tax payers. There is no ROI in that. But the GOP is vehemently opposed to hiring those agents. I don't get it. It's like they've never taken a math class.
 
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