With a new focus on collecting money from those who owe it, the Biden Administration’s policy of focusing audits and collections efforts on the wealthiest tax cheats has paid off: the IRS announced it collected more than $360 million in back taxes from delinquent millionaires, ABC News reports.
The program is part of Biden’s Inflation Reduction Act, passed in August 2022 but with some programs only taking effect with the October 1st start of the federal fiscal year. The IRS released the information in a call with the media in which agency representatives bemoaned the proposed cut of $20 billion in federal funding to upgrade IRS computer systems to improve efficiency.