The Internal Revenue Service just got a huge infusion of cash, and it has delinquent taxpayers in its crosshairs.
The increased IRS budget of $80 billion is part of the Inflation Reduction Act, which was recently signed into law by President Joe Biden.
Touted as a lifesaver for the chronically underfunded government agency, the bill promises to help improve the IRS’ outdated technology and long wait times, but a large portion of the funds will go toward addressing the estimated $600 billion of taxes that go unpaid every year.
“By beefing up the IRS’ capacity to go after wealthy tax cheats, you’re going to be able to collect at least $400 billion of that over the course of the next ten years, and I suspect substantially more,” Natasha Sarin, a counselor for tax policy and implementation at the Treasury Department, told NPR.
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