IRS Recovers $1 Billion in Past-Due Taxes from Millionaires with $6 Billion from Inflation Reduction Act

Jul 19, 2024, 08:14 PM

The IRS has successfully recovered $1 billion in past-due tax debt from millionaires, as announced by President Joe Biden. This achievement is attributed to the Inflation Reduction Act, which provided the IRS with $6 billion in extra funding since 2022 to enhance its tax collection efforts. The recovered revenue is intended to support public infrastructure projects such as schools, roads, and bridges. The initiative underscores the administration's commitment to ensuring that wealthy individuals pay their fair share of taxes.