🧵 1. Treasury & IRS report $1 billion collected from millionaires in past-due taxes, calling it a "major milestone" in high-income enforcement efforts. #finance
🧵 1. Treasury & IRS report $1 billion collected from millionaires in past-due taxes, calling it a "major milestone" in high-income enforcement efforts. #finance
🧵 2. With increased funding, IRS plans to intensify scrutiny on those making over $1 million annually with significant tax debts to boost revenue generation.
🧵 3. Treasury Secretary Janet Yellen praises IRS for successful initiative, saying the agency's investments could yield up to $851 billion by 2034.
🧵 4. Despite success, critics, mainly congressional Republicans, question the effectiveness of IRS enforcement measures targeting high-income individuals.
🧵 5. Recent reports from government audit agencies highlight IRS's efforts to boost audit rates for high-income earners and improve tax collection efficiency.
🧵 Read more at: https://www.cnbc.com/2024/07/11/irs-says-its-collected-1-billion-in-past-due-taxes-from-millionaires.html
$1 billion is a rounding error for the federal government.