As the 2024 election draws closer, U.S. tax policy will be among the many issues debated by Republicans and Democrats. On Monday, June 17, the U.S. Treasury Department and the Internal Revenue Service (IRS), CNBC reports, released a plan they say would “close a major tax loophole” and raise an estimated $50 million in tax revenue over the next ten years. CNBC’s Kate Dore reports that the plan targets “related party basis shifting,” which Dore describes as a process in which “single businesses operating through different legal entities trade original purchase prices on assets to take more deduc…
