https://www.huffpost.com/entry/biden-crackdown-wealthy-tax-dodgers-brings-revenue_n_65a186cfe4b06444b222c93e
Biden Crackdown Hauls In $520 Million In Back Taxes From The Ultrawealthy
Millionaires who were overdue on their taxes have coughed up more than half a billion dollars since the Internal Revenue Service stepped up its enforcement of the tax code against the ultrawealthy, the IRS revealed on Friday.
Using new funding earmarked for the IRS to target wealthy and corporate tax cheats, the IRS since mid-2022 has collected more than $520 million from about 1,600 households with income of more than $1 million and that are known to have unpaid tax bills of more than $250,000.
By late October, the IRS crackdown had hauled in $160 million. The agency has recouped an additional $360 million from the delinquent millionaires in the months since.
“The IRS continues to increase scrutiny on high-income taxpayers as we work to reverse the historic low audit rates and limited focus that the wealthiest individuals and organizations faced in [previous] years,” IRS Commissioner Danny Werfel said in a statement. “The additional resources the IRS has received is making a difference.”
But the funding that has made it possible for the IRS to target wealthy tax dodgers is in jeopardy.
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