IRS Targets Wealthy Tax Evaders with AI, Aiming to Recover $150 Billion Annually

The IRS intensifies its efforts against tax evasion by the ultra-rich, leveraging artificial intelligence and new funding to ensure fairness in the tax system.

IRS Commissioner Daniel Werfel announces a crackdown on wealthy tax evaders, aiming to reclaim $150 billion in lost revenue each year.
The Inflation Reduction Act provides the IRS with new funding, enabling the agency to tackle complex tax returns and close the tax gap.
Artificial intelligence is being used to identify discrepancies in tax filings, with a focus on high-income individuals and complicated partnerships.
The IRS has already collected over $480 million from high-income tax evaders and launched a program to audit private jet owners for potential tax evasion.
Republicans express concerns over increased audits, while Democrats argue the move will make the tax system fairer and reduce the deficit.