The IRS has recovered $1.3 billion in unpaid taxes from high-income Americans since late 2023, according to the Treasury Department. The IRS targeted approximately 1,600 individuals who made over $1 million the previous year, and nearly 80% made payments on overdue tax debts.
In 2019, Yellen said the top 1% of wealthy Americans owed more than one-fifth of all unpaid taxes, shifting the tax burden to ordinary citizens.
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Yellen emphasized that to fix the problem, the Treasury had redirected IRS funding to combat tax evasion among the wealthy.
The initiative focuses on taxpayers with over $1 million in income and more than $250,000 in recognized tax debt.
A separate initiative targeting wealthy non-filers collected an additional $172 million from 21,000 high-income taxpayers who had not filed returns since 2017.
As the presidential election approaches, tax policy has emerged as a contentious issue.
Donald Trump’s campaign promises to drastically reduce federal agency spending if elected, specifically targeting IRS resources, while Kamala Harris has said she supports increasing IRS staffing.
