The Internal Revenue Service (IRS) is expected to further combat tax evasion among millionaires and billionaires, who are estimated to evade over $150 billion in taxes annually. With increased funding from Congress, the IRS is set to ramp up scrutiny on wealthy taxpayers, including large corporations.
Audit rates for taxpayers earning $1 million or more annually have plummeted by 80% over the past decade despite a 50% increase in the number of individuals in this income bracket. In response, IRS Commissioner Danny Werfel emphasized the need for investments to ensure fairness in tax enforcement, regardless of filers’ financial complexity or resources.
The IRS anticipates that with the additional funding, it will be able to recoup an additional $561 billion in tax revenue over the next decade. This move signals a concerted effort by the agency to address disparities in tax enforcement and ensure greater compliance among high-income individuals and corporations.
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