IRS Targets ‘High-Income Taxpayers,’ Collects $520 Million

The Internal Revenue Service (IRS) announced that it collected some $360 million from tax-delinquent millionaires, coming after the federal agency collected about $122 million from wealthy Americans in October. Separately, the agency said that it is increasing its efforts to target Americans who make more than $1 million in income yearly and have more than $250,000 in tax debt, according to a news release. Officials from the IRS told reporters Thursday to give updates on how the agency has used a portion of the tens of billions of dollars allocated to the agency through the Democrats’ Inflation Reduction Act, signed into law in August 2022. “The IRS continues to increase scrutiny on high-income taxpayers as we work to reverse the historic low audit rates and limited focus that the wealthiest individuals and organizations faced in the years that predated the Inflation Reduction Act,” IRS Commissioner Danny Werfel said in a news release on Friday. “We are adding staff and technology to ensure that the taxpayers with the highest income, including partnerships, large corporations and millionaires and billionaires, pay what is legally owed under federal law.”...