IRS Recovers $1 Billion in Unpaid Taxes from Wealthy Americans
Enhanced enforcement funded by the Inflation Reduction Act targets high-income earners with significant tax debts.
- The IRS initiative focused on 1,600 individuals with incomes over $1 million and tax debts exceeding $250,000.
- Funding from the Inflation Reduction Act allowed the IRS to hire additional staff and improve technology.
- The agency's efforts have included cracking down on improper deductions and closing tax loopholes.
- Republican lawmakers have pushed back against the increased IRS funding, advocating for budget cuts.
- The IRS projects that continued funding could generate up to $851 billion in additional revenue by 2034.
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