U.S. Politics in Real TimeIRS says it collected $360 million more from rich tax cheats as its funding is threatened yet again
https://apnews.com/article/irs-tax-biden-inflation-reduction-act-ceacc306233f1a41e0e41e81e89a60a5
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IRS says it collected $360 million 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. The collection happens as IRS leadership tries to promote the latest work it has done to modernize the agency with Democrats' Inflation Reduction Act funding. Republicans are threatening to chip away that funding. The IRS announcement comes as the the agency braces for a more severe round of funding cuts including the already agreed upon $20 billion rescinded from the IRS over two years being taken away much sooner. IRS Commissioner Daniel Werfel said Thursday the agency would spend its now-$60 billion allocation over the next decade and spread the need for more funding into later years.
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