The Internal Revenue Service (IRS) could collect up to $561 billion in additional tax revenue between 2024 and 2034 due to new efforts to crack down on corporations and the wealthy. If lawmakers renew and expand the funding, that figure rises to $851 billion.
The Internal Revenue Service ( IRS ) stands to collect an additional hundreds of billions of dollars in taxes over the next decade that would otherwise likely be dodged, thanks to the agency’s new efforts to crack down on corporations and the wealthy enabled by Democrats’ infusion of funding afterreleased by the IRS and Treasury Department on Tuesday, the IRS could collect up to $561 billion in additional tax revenue between 2024 and 2034 due to the “transformational initiatives enabled by” the 2022 Inflation Reduction Act (IRA), If lawmakers renew and expand the IRA funding, as recommended by the Biden administration, that figure rises to an additional $851 billion in tax revenue, the report finds.
The estimate is based on an increase in tax enforcement for groups that are the most likely to dodge taxes:, which are, by law, the target of the new effort
IRS Taxes Crackdown Corporations Wealthy Funding Revenue Tax Enforcement
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