The agency credited the passage of the Inflation Reduction Act for its stepped-up ability to pursue high-income, high-wealth individuals who owe money.

The agency credited the passage of the Inflation Reduction Act for its stepped-up ability to pursue high-income, high-wealth individuals who owe money.

The IRS announced Friday that it has recently collected more than half a billion dollars from millionaire Americans who owed tax debt.

The agency credited the passage of the Inflation Reduction Act for its stepped-up ability to pursue “high-income, high-wealth individuals,” as well as complex partnerships and large corporations, who are not paying overdue tax bills.

The IRA, pushed by President Joe Biden and approved in 2022, earmarked $80 billion over 10 years to step up the IRS’ enforcement capabilities. While $20 billion was ultimately clawed back in 2023 as part of the deal to head off a debt-ceiling crisis, the agency indicated it had already made use of its initial allotment.

Over the past year, the IRS said, enforcement officers had recouped approximately $520 million from the most well-off segments of society.

  • @MicroWaveOPEnglish
    48•9 months ago

    I was curious what that funding is used for and found this:

    While the Inflation Reduction Act does include $78 billion over 10 years for the IRS, that money is mainly to help the agency backfill thousands of existing positions, such as IT people, taxpayer customer support — and, yes, auditors. But they will primarily be assigned to focus on ultrawealthy Americans and corporate tax cheats.

    https://www.huffpost.com/entry/republicans-87000-irs-agents-biden_n_63110a90e4b07d96a24c63d0