IRS has collected $360M more from rich tax cheats as its funding is threatened yet again
The IRS says it has collected an additional $360 million in overdue taxes from delinquent millionaires as the agency's leadership tries to promote the latest work it has done to modernize the agency with Inflation Reduction Act funding that Republicans are threatening to chip away.
Leadership from the federal tax collector held a call with reporters Thursday to give updates on how the agency has used a portion of the tens of billions of dollars allocated to the agency through Democrats’ Inflation Reduction Act, signed into law in August 2022.
Along with the $122 million collected from delinquent millionaires last October, now nearly half a billion dollars in back taxes from rich tax cheats has been recouped, IRS leaders say.
The announcement comes as the IRS braces for a more severe round of funding cuts.