IRS Rakes in $282 Million from Millionaires in Back Taxes Crackdown

The Internal Revenue Service (IRS) has collected $160 million in back taxes this year by targeting millionaires who have not paid what they owe. The crackdown on high-income individuals has been aided by increased federal funding provided by Democrats. So far, the IRS has closed 100 cases, collecting $122 million. The agency's efforts aim to narrow the "tax gap" and it plans to focus on large corporations that have not paid their taxes. The IRS will target US subsidiaries of foreign companies and plans to use technology to better detect tax cheating. The Inflation Reduction Act has allowed the IRS to overhaul its operations, improve taxpayer services, and digitize tax returns. The new funding is not expected to increase audits for average Americans.