Enhanced Investigation for America’s Richest to Prevent Tax Evasion

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.

Have you read?
Revealed: These Are The Richest Countries In The World, 2024.
Revealed: Countries with Highest Gun Ownership, 2024.
Revealed: These Countries Pay Their Olympians For Winning Gold Medals, 2024.
Revealed: Happiest countries in the world for 2024.
Report: What Is the Most Common Hair Color in the World?