The IRS has collected an additional $360 million in overdue taxes from delinquent millionaires, bringing the total to nearly half a billion dollars.
This comes as the agency faces potential funding cuts, with $20 billion possibly rescinded over two years.
IRS Commissioner Daniel Werfel emphasized the need for consistent funding to continue their positive impact. (Trending: GOP Rep. Mace Clashes Directly With Hunter Biden At Hearing)
“The impact of the rescission that’s being discussed as part of the current budget will not impact our efforts until the later years,” Werfel said.
“Our intent is to spend the money to have maximum impact in helping taxpayers,” he said, “to have maximum impact now and in the immediate future.”
“My hope is that as we demonstrate the positive impact that IRA funding is having for all taxpayers, that there will be a need and a desire amongst policymakers at that time to restore IRS funding so that we can continue the momentum that’s having a very positive impact,” Werfel added.
“It’s clear the Inflation Reduction Act funding is making a difference for taxpayers,” Werfel said.
“For progress to continue we must maintain a reliable, consistent annual appropriations for our agency.”
The agency is also conducting examinations into large partnerships, and the 2024 tax season begins on Jan. 29.
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