Washington, D.C. – June 26, 2024 – Former U.S. Senator John Breaux (D-LA), senior advisor for Saving America’s Family Enterprises (SAFE), issued the following statement in response to the recent announcement from the Internal Revenue Service (IRS) and the U.S. Department of the Treasury (Treasury) of a new regulatory initiative to close major tax loopholes and ensure wealthy individuals, complex partnerships and large corporations pay the taxes they owe.
“We have long argued that the federal government should focus on enforcing the current tax code to ensure the wealthy pay what they owe. The announcement from Treasury and the IRS is a positive step in that direction. Targeted initiatives are far more likely to be effective at raising revenue than unworkable ‘guess taxes’ and pie-in-the-sky proposals that tax hypothetical income. According to IRS estimates, the federal government can raise $850 billion by closing the tax gap. It is a fair and practical approach.”
Read more about the new guidance here.
About SAFE
Saving America’s Family Enterprises (SAFE) is a bipartisan research and education organization focused on comprehensive tax reforms that raise revenue, increase fairness, promote greater efficiency, and encourage companies to do more business in the United States.
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