Every year, millions of dollars slip through the cracks of the tax code—legally. Wealthy individuals and large corporations have long relied on a range of obscure provisions to minimize their tax liabilities. But this year, lawmakers finally closed some of the most persistent and controversial loopholes, and they did it without much public fanfare.
These changes may not have made headlines, but they’re already reshaping how the ultra-rich, multinational firms, and even small business owners approach tax season.
