The IRS plans to close a loophole used by wealthy taxpayers to avoid paying taxes, estimating it will generate over $50 billion in the next decade. The practice involves moving assets between entities with no economic purpose, labeled by Deputy Treasury Secretary as a "shell game." The use of pass-through businesses has risen 70% from 2010 to 2019, allowing the top 1% to evade $160 billion in taxes. Treasury Secretary Janet Yellen stated that the proposed rules aim to increase tax fairness, reduce the deficit, and tackle high-end tax abuse. This plan follows the IRS's efforts to increase audits on the wealthiest taxpayers and large corporations. The move aligns with President Biden's goal for tax policy, emphasizing the importance of funding the IRS to ensure the ultra-wealthy pay their fair share.