IRS says it collected $360 million more from rich tax cheats as its funding is threatened yet again

The IRS says it has collected nearly half a billion dollars from tax cheats. Republicans led a plan to rescind funding from the IRS over two years.

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National News

January 12, 2024 - 1:40 PM

The exterior of the Internal Revenue Service (IRS) building in Washington on March 22, 2013. The IRS says it has collected an additional $360 million in overdue taxes from delinquent millionaires, as agency leadership tries to promote the latest work its done to modernize the agency with Inflation Reduction Act funding. Photo by (AP Photo/Susan Walsh, File)

WASHINGTON (AP) — The IRS says it has collected an additional $360 million in overdue taxes from delinquent millionaires as the agency’s leadership tries to promote the latest work it has done to modernize the agency with Inflation Reduction Act funding that Republicans are threatening to chip away.

Leadership from the federal tax collector held a call with reporters Thursday to give updates on how the agency has used a portion of the tens of billions of dollars allocated to the agency through Democrats’ Inflation Reduction Act, signed into law in August 2022.

Along with the $122 million collected from delinquent millionaires last October, now nearly half a billion dollars in back taxes from rich tax cheats has been recouped, IRS leaders say.

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