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IRS Collected Half a Billion Dollars in Back Taxes From Delinquent Millionaires in 2023, Sentencing Some to Prison (www.goodnewsnetwork.org)

submitted 9 months ago by tardigrada@beehaw.org to c/usnews@beehaw.org

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The Internal Revenue Service says it collected $482 million from wealthy tax cheats last year, in a continuing effort to step up their enforcement.

The IRS released their year-end progress report this month, saying they will continue to audit large corporations, high-income individuals, and complex partnerships who are not paying their fair share of U.S. taxes.

The agency says it pursued 1,600 millionaires to recoup the overdue tax payments and will not stop now.

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[–] TigrisMorte@kbin.social 10 points 9 months ago (1 children)

Sadly, most of the Tax avoidance by Billionaires is Legal as it was designed by certain acts of Congress to be Legal, but too expensive for even most Millionaires. The IRS is doing what they have authority to do. Congress must act before Billionaires can be forced to pay their fair share.

[–] furrowsofar@beehaw.org 5 points 9 months ago

It is also much harder to go after billionaires. They can hide things better and also litigate better. I feel like certain people do not want to fund the IRS is the tax cheat lobby.