Tag:federal agencies
$47 for the 47th Presidency: Musk Tests Super PAC Limits with Payouts for Swing State Voter Referrals
On October 7, 2024, Elon Musk’s pro-Trump Super PAC, America PAC, announced it would disburse $47 payments to residents of certain swing states who refer other swing state voters to sign a petition pledging support for the First and Second Amendments. Musk said on his social media platform, X, “ For every person you refer who is a swing state voter, you get $47! Easy money.” Eligibility is limited to registered voters in seven key battleground states: Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin. Musk’s goal is to reach 1 million signatures, which would amount to $47 million in payments to signatories.
IRS & Treasury to Crack Down on Basis Shifting Among Complex Partnerships
On June 17, 2024, the Biden Administration issued a press release detailing plans to push forward a new multi-stage regulatory initiative targeting tax evasion among large business partnerships. The Internal Revenue Service (IRS) and U.S. Treasury Department will lead the charge to end abuses of a practice known as “basis shifting,” often used by complex partnerships to maximize deductions and consequentially minimize tax liability.