IRS collects milestone $1B in back taxes from high-wealth taxpayers
The IRS has collected $1 billion in back taxes from high-wealth taxpayers, focusing on those with incomes over $1 million, amid political pressures and proposed budget cuts from Republicans.
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The IRS has collected $1 billion in back taxes from high-wealth taxpayers, marking a significant milestone in its efforts to enforce tax compliance. This initiative is part of a broader strategy following the Biden administration's climate, health care, and tax package enacted in 2022. The IRS aims to enhance its public image and demonstrate its effectiveness, especially in light of potential budget cuts that could arise from a Republican takeover of the White House and Congress. The agency's focus is on individuals with incomes exceeding $1 million and tax debts over $250,000. Treasury Secretary Janet Yellen emphasized that the Inflation Reduction Act promotes tax fairness, ensuring wealthy taxpayers fulfill their obligations. Recent IRS initiatives include targeting improper deductions related to personal flights on corporate jets and collecting overdue taxes from affluent individuals. Experts suggest that if the IRS can effectively communicate its impact without burdening average taxpayers, public support for its activities may increase. However, Republicans have proposed significant cuts to the IRS budget, including a $1.4 billion reduction and plans to divert funds to other programs. Despite these challenges, the IRS continues to audit lower-income taxpayers, with a substantial portion of audits in 2023 targeting those earning less than $200,000. The agency's ongoing efforts reflect a commitment to addressing tax evasion among the wealthy while navigating political pressures and public perception.
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12 commentsIRS’s actual expenditures were just over $16.1 billion for overall operations in Fiscal Year (FY) 2023. [2]
[1] https://www.irs.gov/statistics/soi-tax-stats-irs-data-book
https://www.treasurydirect.gov/government/public-debt-report...
The problem is the spending, not the collection.
Why more Americans Are not mad at the complete waste of our tax money is beyond me
For a billion dollars, other countries are successfully building entire transit systems, high speed rails, other infrastructure, or running massive welfare programs.
We should be getting so much more.
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