IRS Collects $1 Billion in Past-Due Taxes from 1,500 Millionaires

Jul 11, 2024, 02:30 PM

The IRS has successfully collected $1 billion in past-due taxes from approximately 1,500 millionaires who failed to pay their tax debts. This milestone is part of a broader initiative launched last fall, bolstered by the Biden administration's 2022 Inflation Reduction Act, which provided the IRS with an additional $80 billion in funding. The increased enforcement efforts, which have doubled the total collected from its last update earlier this year, are aimed at ensuring high-wealth taxpayers comply with their tax obligations, addressing years of dwindling IRS enforcement capacity. Treasury Secretary Janet Yellen and other officials have highlighted this achievement as a significant step towards increasing tax fairness, reducing the federal deficit, and supporting climate, health care, and tax initiatives.