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I.R.S. Crackdown on Delinquent Millionaires Yields $1 Billion
(www.nytimes.com)
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this post was submitted on 11 Jul 2024
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politics
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This is the best summary I could come up with:
The Biden administration’s yearlong effort to crack down on delinquent rich taxpayers has yielded $1 billion, a milestone that the Treasury Department said on Thursday was the result of beefed-up enforcement by the Internal Revenue Service.
The Biden administration, which initially signed a law giving $80 billion to the agency, continues to contend with attempts by Republicans in Congress to claw back more of the money.
“Efforts to increase tax fairness and bring in revenue from high-end taxpayers who have not paid what they owe are already paying off to the American people,” Treasury Secretary Janet L. Yellen said during a briefing with reporters.
commissioner, said that because of the agency’s larger enforcement staff, it has been able to focus on tracking down and sending letters to wealthy taxpayers who owe money.
And it has been ramping up audits of hedge funds and real estate investment partnerships and cracking down on abuse of corporate jets for personal travel.
had been too slow to resolve identify theft cases and that it was not doing a good enough job answering the phones when taxpayers called with questions.
The original article contains 453 words, the summary contains 185 words. Saved 59%. I'm a bot and I'm open source!