IRS Collects Milestone $1 Billion in Unpaid Taxes from Millionaires

Jul 11, 2024, 11:05 AM

The IRS has collected a milestone $1 billion in unpaid taxes from approximately 1,500 millionaires. This significant recovery is part of a broader effort to ensure wealthy taxpayers meet their obligations, bolstered by the funding received through the Biden administration’s 2022 climate, health care, and tax package, known as the Inflation Reduction Act. The Treasury and IRS have announced this as a 'major milestone,' highlighting the success of initiatives launched over the past two years to crack down on high-wealth tax cheats. This recovery, which doubles the total collected from earlier this year, also aims to increase tax fairness and reduce the deficit.