Chicago – March 09, 2026
The administration of Donald Trump has moved to roll back a tax rule introduced under former president Joe Biden that officials said could generate about $100 billion in federal revenue over the next decade. The rule targeted a tax strategy known as “basis shifting,” used by large business partnerships to lower their tax liabilities through asset transfers.
Under the Biden-era regulation, companies were required to report certain transactions to the Internal Revenue Service so authorities could identify potential abuse. Trump administration officials argue the rule imposes unnecessary compliance burdens on businesses. Critics, however, say scrapping the measure could reopen loopholes and significantly reduce government tax collections from large corporations and wealthy partnerships.
