The U.S. Treasury Department has announced that a billion dollars has been collected over the course of a year in a campaign to stop tax evasion by the super-wealthy. The Finance Department has credited the Internal Revenue Service for this success.
U.S. Treasury Secretary Janet L. Yellen says efforts to recover from elite taxpayers have been successful by streamlining and making the tax system more transparent. Tax collections for the American people have increased.
The US Treasury Secretary told reporters that the IRS has targeted 1,600 high-end taxpayers. Those people with an income of more than 1 million dollars owe 2.5 million rupees as tax.
IRS Commissioner Daniel Werfel says many ultra-wealthy Americans have been careless when it comes to paying their taxes. The IRS has also been lax in collecting from them.
The IRS is also busy identifying 100,000 high-income earners who have not paid taxes for years. Also, the IRS is cracking down on hedge funds, real estate investments, and misuse of corporate jets for personal travel.
According to a New York Times report, despite extraordinary measures, the IRS has been criticized for its late detection and inappropriate response to tax evasion cases.
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2024-07-16 00:30:39
