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Will IRS collect a total of $3 billion in past-due taxes from high-wealth taxpayers by March 31, 2025?
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Resolution / Starting Odds
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IRS official announcements and Treasury Department reports
Story
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.
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Less than $500 million • 25%
$500 million to $1 billion • 25%
$1 billion to $2 billion • 25%
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Less than $1.5 billion • 25%
$1.5 billion to $2 billion • 25%
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