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Treasury, IRS announce 'major milestone' of $1 billion in past-due taxes collected from millionaires

www.cnbc.com Treasury, IRS announce 'major milestone' of $1 billion in past-due taxes collected from millionaires

The U.S. Department of the Treasury and IRS announced a "major milestone" of collecting more than $1 billion in past-due taxes from millionaires.

Treasury, IRS announce 'major milestone' of $1 billion in past-due taxes collected from millionaires
  • The Treasury Department and the IRS announced the collection of more than $1 billion in tax debt from high-income individuals over the past year.
  • In September, the IRS announced plans to expand its scrutiny of those making more than $1 million annually with more than $250,000 in recognized tax debt.
  • However, the funding enacted in 2022 that is allowing the IRS to pursue its plans still has its critics, particularly among congressional Republicans.
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Treasury, IRS announce 'major milestone' of $1 billion in past-due taxes collected from millionaires
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