The treasury secretary announces $1.3 billion recovered from wealthy tax filers and non-filers and other audits.
U.S. Treasury Secretary Janet Yellen and Internal Revenue Service (IRS) Commissioner Danny Werfel recently delivered remarks at the Austin, Texas, IRS campus about progress made under Inflation Reduction Act initiatives to ensure wealthy individuals pay taxes owed as well as improving service for taxpayers through the Digital First Initiative, and technological modernization.
Secretary Yellen spoke about the efforts of the president’s administration “to crack down on tax evasion so that high earners pay what they owe.” She stated, “Between 2010 and 2018, the audit rate for millionaires fell by 80%.”
Under funding from the Inflation Reduction Act, the IRS launched an initiative to “pursue 125,000 wealthy taxpayers who had not filed taxes for years.” The treasury secretary announced, “In only six months, nearly 21,000 of these taxpayers have already filed, leading to $172 million recovered.”
She also reported the collections of tax debts from wealthy filers, saying, “Nearly 80 percent of 1,600 millionaires with delinquent tax debt have now paid, leading to over $1.1 billion recovered.”
Secretary Yellen said the IRS has audited 76 partnerships, “from hedge funds to law firms,” and seeks to close tax loopholes involving complex partnerships.
As the Lord Leads, Pray with Us…
- For wisdom for Secretary Yellen as she heads the Treasury Department.
- For Commissioner Werfel and IRS officials as they seek to recover tax debts owed.
Sources: CBS News, Department of the Treasury
