Biden Announces Federal Tax Haul Due to Inflation Reduction Act Funding
Enhanced resources recover more than $500 million in unpaid taxes
As they head into another tax season, Americans should take heart that the federal government has collected more than $500 million in unpaid taxes using resources under the Inflation Reduction Act (IRA).
That's according to President Biden, who shared the news Friday on social media.
The IRA was sweeping legislation signed by Biden in 2022, which aims to reduce the federal budget deficit, lower prescription drug prices, and invest into domestic energy production while promoting clean energy.
It also included $80 billion to the Internal Revenue Service (IRS), to boost enforcement efforts against wealthy tax cheats.
That enhanced IRS enforcement has been unpopular among Republicans, who successfully negotiated a subsequent rescission of $20 billion of that funding in last year's budget deal.
Even still, the IRS is still going after millionaires and billionaires trying to cheat on their tax obligations, Biden said in a post on X, formerly known as Twitter.
“As of today, the IRS has collected over $500 million in unpaid taxes from 1,600 millionaires using resources from my Inflation Reduction Act,” Biden said. “This is about the super-wealthy needing to pay what they owe – what the existing tax code calls for – just like hardworking Americans do.”
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