The IRS has successfully collected $1.3 billion from wealthy tax evaders since last fall, which it said was made possible by a climate, health care, and tax package signed by President Biden in 2022 that shifted more spending to collection efforts. Treasury Secretary Janet Yellen and IRS Commissioner Danny Werfel announced this milestone Friday in Austin, Texas. In a speech, Yellen highlighted that in 2019, the top one percent owed over 20% of all unpaid taxes.
As such, the IRS has specifically gone after high-wealth individuals with unpaid taxes, focusing on those with incomes over $1 million and tax debts exceeding $250,000. Almost 80% of the 1,600 millionaires targeted have made at least one payment, resulting in $1.1 billion recovered. Additionally, in the six months since the February 2024 launch of another initiative, the IRS collected $172 million from 21,000 wealthy taxpayers who have not filed returns since 2017. Republicans have called for the IRS's funding to be reduced, with Donald Trump pledging further cuts if elected president. (This story was generated by Newser's AI chatbot. Source: the AP)
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