IRS Recovers $1.3 Billion in Unpaid Taxes from Wealthy Taxpayers, Funded by Inflation Reduction Act

Sep 6, 2024, 11:16 AM

The IRS has recovered $1.3 billion in unpaid taxes from wealthy taxpayers as part of new enforcement initiatives. These efforts, funded by $60 billion from the Inflation Reduction Act, targeted high-income individuals who either failed to file their tax returns or did not fully pay what they owed. Since late 2023, the IRS identified 125,000 individuals earning at least $400,000 annually who had not filed federal income taxes since 2017. Over the past six months, nearly 21,000 of these individuals have come forward, contributing $172 million to the recovered total. This initiative follows historic funding increases for the IRS under President Biden. Treasury Secretary Janet Yellen emphasized the importance of ensuring that high-income individuals pay their fair share.