The IRS and Treasury Department on Monday unveiled a plan to end a major tax loophole used by wealthy taxpayers, a move that could generate as much as $50 billion in revenue over the next decade.

The Treasury and IRS proposed new tax regulations for the uber-wealthy that will result in $50 billion in tax revenue over the next decade.

Tax experts, IRS employees and former Treasury Department officials are all warning that the US government could lose hundreds of billions of dollars in revenue because of the Trump administration’s ...

"For the last 35 years, we’ve been five years away from the IRS being modernized. Under the direct leadership of Treasury, the modernization ... into Long's connections to alleged tax credit loopholes ...