Fairness for Iowa Celebrates Collection of $1 Billion from Wealthy Tax Cheats
Fairness for Iowa lauds the recent announcement by the U.S. Department of the Treasury and Internal Revenue Service (IRS) regarding the collection of $1 billion in past-due taxes from high-income individuals. This significant milestone, achieved under the Inflation Reduction Act that was signed by President Biden, highlights a renewed commitment to tax fairness.
Since its inception, the Inflation Reduction Act has facilitated the recovery of more than $1 billion in delinquent taxes and resolved numerous criminal cases involving wealthy tax evaders. Last fall, the IRS expanded its efforts, targeting 1,600 millionaires and 75 large business partnerships with substantial delinquencies.
"For too long, the wealthiest Americans have gotten away with not paying their fair share," said Matt Sinovic, Executive Director of Progress Iowa. "This initiative by the IRS is a crucial step towards ensuring that all citizens, regardless of income, play by the same rules and pay their fair share. Holding the wealthiest accountable is long overdue."
Prior to the Inflation Reduction Act, budget constraints limited the IRS's ability to pursue overdue taxes effectively from high-income individuals and large corporations. Audit rates for individuals earning over $5 million annually have dropped by 86% over the last decade. Now, thanks to the Inflation Reduction Act, the IRS has the resources it needs to hold the ultra-wealthy accountable for refusing to pay what they owe.
Despite these successes, House Republicans, including Congressman Zach Nunn, have repeatedly attempted to rescind funding critical to these enforcement efforts. Since January 9th, 2023, they have voted multiple times to strip IRS funding allocated under the Inflation Reduction Act, including in the “Default on America” Act.
“Nunn's consistent opposition to funding that supports IRS enforcement against tax cheats directly harms Iowa families," said Sinovic. "By consistently voting against IRS funding aimed at ensuring tax compliance among the wealthiest, Congressman Nunn continues to support a system that allows the ultra-wealthy to play by different rules than the rest of us. Congressman Nunn should stop protecting wealthy tax cheats and instead work towards a fairer tax system."
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