The agency credited the passage of the Inflation Reduction Act for its stepped-up ability to pursue high-income, high-wealth individuals who owe money.
The IRS announced Friday that it has recently collected more than half a billion dollars from millionaire Americans who owed tax debt.
The agency credited the passage of the Inflation Reduction Act for its stepped-up ability to pursue “high-income, high-wealth individuals,” as well as complex partnerships and large corporations, who are not paying overdue tax bills.
The IRA, pushed by President Joe Biden and approved in 2022, earmarked $80 billion over 10 years to step up the IRS’ enforcement capabilities. While $20 billion was ultimately clawed back in 2023 as part of the deal to head off a debt-ceiling crisis, the agency indicated it had already made use of its initial allotment.
Over the past year, the IRS said, enforcement officers had recouped approximately $520 million from the most well-off segments of society.
Hey, I’m gonna share a few little dad-isms that my dad shared with me many many moons ago that hopefully will help you put things into perspective when you’re feeling impatient. I know it did for me.
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