IRS collects $1bn in back taxes from high-wealth taxpayers, demonstrating tax fairness efforts in the Biden administration's 2022 package.

The IRS collected $1bn in back taxes from high-wealth taxpayers, showcasing its efforts to enforce tax fairness. This milestone comes as part of the Biden administration's 2022 tax, climate, and healthcare package. The IRS launched a series of initiatives targeting high-income individuals with significant tax debts, aiming to raise more than $50bn in revenue over the next decade. The agency faces potential budget cuts if Republicans take control of the White House and Congress, prompting the IRS to demonstrate its effectiveness to garner public support and reduce fear of audits.

July 11, 2024
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