Treasury recovers $1.3 billion in unpaid taxes from high wealth tax dodgers

3 comments

1. >In 2023 and 2024 the IRS launched a series of initiatives aimed at pursuing high-wealth individuals who have failed to pay their tax debts. The IRS said the campaign is focused on taxpayers with more than $1 million in income and more than $250,000 in recognized tax debt.

   >Agency officials said since the program’s launch, almost 80% of the 1,600 millionaires targeted by the IRS for failing to pay a delinquent tax debt have now made a payment, leading to over $1.1 billion recovered. And in the first six months of a new February 2024 initiative, **the IRS collected $172 million from 21,000 wealthy taxpayers who have not filed tax returns since 2017.**

   FFS, the IRS wasn’t even to follow up on millionaires not even submitting their taxes at all!

2. >The Inflation Reduction Act provided $80 billion in additional funding to the IRS, much of which is dedicated to closing the tax gap by specifically enforcing tax compliance by the wealthiest tax evaders.

   Ok, so $80B in, and $1.3B out.

3. Peanuts. Do better.