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IRS recovers $4.7 billion in back taxes, braces for cuts under Trump and GOP majority (www.pbs.org)

submitted 1 week ago by [email protected] to c/[email protected]

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Summary

The IRS announced it has recovered $4.7 billion in back taxes and criminal proceeds since receiving $80 billion in funding through the 2022 Inflation Reduction Act.

This includes $1.3 billion from wealthy tax dodgers and $2.9 billion from criminal investigations.

Despite these gains, the IRS faces funding cuts: $1.4 billion was rescinded earlier, and $20 billion is frozen or redirected under recent budget deals.

Republicans, under a new majority, aim to further reduce IRS funding and renew Trump-era tax cuts. Trump has nominated Billy Long as the next IRS commissioner, drawing criticism from Democrats.

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[–] [email protected] 7 points 1 week ago* (last edited 1 week ago)

They had to staff up which has a delay on impact. The money was supposed to last awhile and historically every dollar given to the IRS results in more money back. The more complex cases take longer to get results from as well. Those rich folks have very complex set ups to avoid paying taxes.

And as mentioned, they also built that tax portal which will likely expand and will save tax payers millions of dollars instead of going to turbotax etc.