IRS Crackdown on Delinquent Millionaires Yields $1B
The Biden administration's IRS crackdown on wealthy delinquent taxpayers yielded $1 billion. The initiative targets high-income individuals, enhances enforcement, and aims to increase tax revenue, emphasizing fairness and compliance.
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The Biden administration's efforts to crack down on delinquent wealthy taxpayers have resulted in the Internal Revenue Service (I.R.S.) collecting $1 billion. This achievement is part of the I.R.S.'s modernization initiative, which received $60 billion to enhance customer service and target tax evaders. The agency focused on 1,600 taxpayers with over $1 million in income and debts exceeding $250,000. The I.R.S. commissioner, Daniel Werfel, emphasized the agency's increased enforcement capabilities, leading to the successful tracking and notification of wealthy taxpayers with outstanding debts. Despite facing challenges from Republicans in Congress regarding funding, the administration aims to demonstrate the effective use of resources by generating additional tax revenue. Treasury Secretary Janet L. Yellen highlighted the importance of increasing tax fairness and collecting owed taxes from high-income individuals. The I.R.S. is also intensifying efforts to locate over 100,000 high-wealth individuals who have not filed taxes for years and is enhancing audits on hedge funds and real estate investments while addressing misuse of corporate jets for personal travel.
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