The Unfair Tax Prevention Act, also known as Bill 118 hr 4695, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to prevent unfair tax practices and loopholes that allow certain individuals or corporations to avoid paying their fair share of taxes.
The bill includes provisions that would close loopholes in the tax code that allow for the manipulation of income and deductions in order to reduce tax liability. It also aims to increase transparency in the tax system by requiring individuals and corporations to disclose more information about their financial activities.
Additionally, the Unfair Tax Prevention Act includes measures to crack down on tax evasion and fraud. This includes increasing penalties for those who are found to be evading taxes and providing additional resources to the IRS to investigate and prosecute tax offenders.
Overall, the Unfair Tax Prevention Act is designed to create a more fair and equitable tax system that ensures all individuals and corporations are paying their fair share. It is currently being debated in Congress and may undergo changes before being voted on.