IRS collects milestone $1 billion in back taxes from high-wealth taxpayers

The IRS has collected $1 billion in back taxes from high-wealth tax cheats — a milestone meant to showcase how the agency is making use of the money it received as part of the Biden administration’s signature climate, health care and tax package signed into law in 2022. The announcement Thursday comes as the much-maligned agency shows the public how much work it is getting done. In a statement, Treasury Secretary Janet Yellen praises the Inflation Reduction Act for “increasing tax fairness and ensuring that all wealthy taxpayers pay the taxes they owe, just like working families do.”