The Treasury Department and IRS announced collecting over $1 billion in tax debt from high-income individuals over the past year. In September, the IRS announced plans to expand scrutiny of those earning over $1 million annually with over $250,000 in recognized tax debt. The IRS funding enacted via the 2022 Inflation Reduction Act allows it to pursue these plans, though some Republicans remain critical. Without recent funding increases, the IRS could not adequately pursue high-income earners known to owe taxes due to budget constraints. The audit rate for those earning over $1 million was below 1% in 2019 versus more than 7% in 2011 before more IRS funding.
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00:00It's Benzinga, and here's what's on the block.
00:02The Treasury Department and IRS announced collecting over $1 billion in tax debt from
00:07high-income individuals over the past year.
00:10In September, the IRS announced plans to expand scrutiny of those earning over $1 million
00:15annually with over $250,000 in recognized tax debt.
00:19The IRS funding enacted via the 2022 Inflation Reduction Act allows it to pursue these plans,
00:25though some Republicans remain critical.
00:27Without recent funding increases, the IRS could not adequately pursue high-income earners
00:32known to owe taxes due to budget constraints.
00:35The audit rate for those earning over $1 million was below 1 percent in 2019 versus more than
00:407 percent in 2011 before more IRS funding.
00:43For all things money, visit Benzinga.com.