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.

  • @800XL
    2•1 year ago

    Hey, I’m gonna share a few little dad-isms that my dad shared with me many many moons ago that hopefully will help you put things into perspective when you’re feeling impatient. I know it did for me.

    You gotta break a few eggs to make an omelette

    Sometimes it’s about sending a message to let 'em know you’re watching

    Nothing worthwhile in life comes easy

    People will get away with whatever you let them get away with

    There’s no honor amongst thieves

    Fast, easy, cheap: pick two

    You have to learn to walk before you can learn to run

    The journey of a million miles begins with a single step

    and the similar

    You can eat an entire elephant a single bite at a time