IRS Recovers $1.3 Billion from Wealthy Taxpayers Earning Over $400,000 Following Biden's $10B Audit Initiatives

Sep 6, 2024, 09:04 AM

The IRS inspector general has reported that President Biden introduced a 'potential marriage penalty' into the tax system by ordering the IRS to conduct more audits of higher-income Americans. Biden persuaded Congress to allocate tens of billions of dollars for the tax agency to conduct these audits, promising that agents would focus on individuals with annual incomes of $400,000 or more. Tax evasion by millionaires and billionaires tops $150 billion a year, according to the IRS chief. The IRS has recovered $1.3 billion from wealthy taxpayers who did not file taxes, using initiatives launched after Biden secured tens of billions in historic funding increases for the tax agency.