Affordable Virginia Celebrates the Recovering Of Over $1 Billion from Ultra-Wealthy Tax Cheats

Virginia Beach, Va. – Advocates are celebrating the success of the Biden Administration’s historic investment in the IRS, included in the Inflation Reduction Act, which has enabled the agency to collect over $1 billion from ultra-wealthy tax cheats despite Republicans’ repeated attempts to repeal the funding. Since January 2023, Congressional Republicans have voted four times to repeal the IRS funding to help ultra-wealthy tax cheats avoid paying their fair share.

“Rep. Kiggans and her Republican colleagues have voted over and over to help the wealthiest Americans avoid paying their fair share in taxes, all while voting to cut funding to essential services working families rely on,” said Emily Yeatts, Campaign Director for Affordable Virginia. “While billionaires may have it easy, the rest of Americans are facing tough times. We're marking a major victory with the IRS retrieving over $1 billion, ensuring the ultra-wealthy contribute their fair share.”

IRS Recovered Over $1 Billion from Tax Cheats

Thanks to the expanded budget allocation, the IRS announced it was pursuing 1,600 millionaires with more than $250,000 of recognized tax debt each. As of July 2024, the IRS has so far collected over $1 billion in delinquent taxes from these millionaires.

The initiatives aim to improve tax compliance and fairness, potentially reducing the deficit by $851 billion over the next decade and aligning with Secretary Yellen's pledge to maintain current audit rates for Americans earning less than $400,000 annually.

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