U.S. Department of the Treasury, IRS Announce $1 Billion in Past-Due Taxes Collected from Millionaires

Major Milestone Reached Under Initiative Launched Last Year Under Inflation Reduction ActWASHINGTON – Today, the U.S. Department of the Treasury and Internal Revenue Service (IRS) announced that a new initiative to collect past-due tax debt from high-income, high-wealth individuals has reached a major milestone, with more than $1 billion recovered. This new initiative was made possible by resources from President Biden’s Inflation Reduction Act.The IRS in 2023 launched a new initiative to pursue high-income, high-wealth individuals who have failed to pay recognized tax debt, with dozens of senior employees assigned to these cases. This campaign is concentrated among taxpayers with more than $1 million in income and more than $250,000 in recognized tax debt.“President Biden’s Inflation Reduction Act is increasing tax fairness and ensuring that all wealthy taxpayers pay the taxes they owe, just like working families do,” said U.S. Secretary of the Treasury Janet L.