The Internal Revenue Service (IRS) has announced that it has successfully collected over $1 billion in overdue taxes from millionaires since last fall. This achievement is attributed to increased enforcement efforts funded by the Inflation Reduction Act, which was passed by Democrats nearly two years ago.
The Biden administration is keen to showcase how the IRS is utilizing these funds to target wealthy tax evaders and enhance taxpayer services. On the other hand, Republicans have criticized this funding as wasteful spending and have attempted to reduce the 10-year investment outlined in the legislation.
