The Treasury Department and the Internal Revenue Service (IRS) announced Thursday that a tax-collection initiative has succeeded in netting more than $1 billion in back taxes from wealthy taxpayers.
“The IRS in 2023 launched a new initiative to pursue high-income, high-wealth individuals who have failed to pay recognized tax debt,” the Treasury said in a July 11 press release. Last year, the IRS revealed it had collected $38 million from more than 175 of these targets. The agency then expanded the effort to 1,600 individuals leading to the billion-dollar collection.
