YubaNet: IRS and Treasury Department Recoup $1.3 Billion from Wealthy Individuals via Biden-Harris Inflation Reduction Act Measures

By Better Today On Sep 7, 2024

TL/DR –

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have successfully recovered $1.3 billion from high-income and high-wealth individuals as part of the Biden-Harris Inflation Reduction Act initiatives. This total comes from voluntary disclosures and audits conducted under the administration’s new enforcement initiatives. The initiative aims to reduce tax evasion and ensure fair taxation for individuals across all income brackets.

IRS, Treasury Department Recover $1.3 Billion from Wealthy Individuals under Biden-Harris Initiatives

The Department of the Treasury and the IRS have recovered $1.3 billion from high-income and high-wealth individuals, thanks to the Biden-Harris Inflation Reduction Act Initiatives. This step aims to build economic equity and ensure tax compliance among high earners.