Staff ReportsThe IRS has managed to squeeze an impressive $1.3 billion from the pockets of wealthy tax evaders, thanks to a boost from the budget-climate law that President Biden signed a couple of years ago. The tax agency’s endeavor to hunt down high-income tax cheats has generated a total windfall of $4.7 billion for the government, combining criminal investigations with civil cases. It seems that when Congress and the President throw piles of taxpayer money at the IRS, they expect nothing less than a tax bonanza.
With a renewed commitment to catching those financial high-flyers who think they’re above the law, the IRS is under scrutiny to deliver results after receiving a hefty injection of cash in 2022. The Democrats, never shy about spending other people’s money, cheered the funding, aiming the agency’s sights squarely on the wealthy who, according to them, aren’t fulfilling their fiscal duties. Naturally, the remaining question is, will the IRS take a break from auditing average Americans to focus on these decadent tax dodgers?
Biden's supercharged IRS nets $1.3 billion more from wealthy taxpayers https://t.co/ODcjj158oW
— The Washington Times (@WashTimes) December 12, 2024
This latest haul from the IRS, which includes a cool $120 million discovered in just three months, came primarily from targeting individuals earning over $400,000 but somehow forgetting to file their tax returns. It’s almost as if these folks think the tax code doesn’t apply to them. The agency also flexed its muscle by seizing $1.2 billion in assets and scoring an additional $1.7 billion through court restitution judgments in the fiscal year 2024. Clearly, the IRS is rolling in dough, which would make even Scrooge McDuck proud.
In a bit of irony, IRS Commissioner Danny Werfel, who claims the agency was suffering from years of neglect and budget cuts, is now applauding the transformation efforts that have stemmed from the injection of funds and staffing. The gentleman seems to have forgotten that the bureaucratic excesses and red tape are the very reason so many taxpayers are frustrated with the IRS in the first place. Citizens may chuckle at the thought of the IRS rediscovering customer service—something that has been reminiscent of a long-lost art.
Meanwhile, in an amusing twist of fate, President-elect Donald Trump is eyeing former Missouri Rep. Billy Long to replace the outgoing IRS commissioner. As the IRS praises its newfound digital tools and enhanced customer service capabilities, one can’t help but wonder if taxpayers will ever receive the warm welcome they expect—or if the agency is still too busy playing catch-up in chasing down the wealthy elite while neglecting the average taxpayer who is just trying to file their returns and live their lives.
