The IRS has already sweated $122 million out of 100 wealthy taxpayers, the agency announced Friday, celebrating early returns in the Biden administration's campaign to make the rich pay what they owe to Uncle Sam.
The exterior of the Internal Revenue Service building in Washington on March 22, 2013. The IRS is showcasing its new capability to aggressively audit high-income tax dodgers as it makes the case for sustained funding and tries to avert …The IRS has already sweated $122 million out of 100 wealthy taxpayers, the agency announced Friday, celebrating early returns in the Biden administration’s campaign to make the rich pay what they owe to Uncle Sam.
The IRS said the effort to target the wealthy is possible because Congress gave the agency tens of billions of dollars in new money in last year’s budget-climate law. Among initiatives announced Friday are a new round of warnings to foreign companies that distribute goods in the U.S. The IRS says they use gimmicks in pricing to avoid reporting the real value of products and shirk paying on it all.The agency’s announcements come just days after it announced new estimates for the “tax gap” — the difference between what Uncle Sam says he’s owed each year, and what taxpayers actually send in. The IRS said it lost out on more than $600 billion in 2021.