Millionaires' past-due taxes totaling $1 billion have been collected by the Treasury and IRS.

• Over the past year, the Treasury Department and the IRS collected over $1 billion in tax debt from wealthy individuals.
• The IRS revealed plans to intensify its examination of high-income earners with substantial tax debt in excess of $250,000 in September.
• The IRS's plans are facing opposition from congressional Republicans due to the funding enacted in 2022.

Over the past year, the U.S. Department of the Treasury and the IRS collected more than $1 billion in tax debt from high-income individuals, marking a "major milestone."

The IRS announced plans in September to intensify its examination of high-income earners with significant tax debt, thanks to the availability of billions of dollars in new funding.

During a press call, Treasury Secretary Janet Yellen stated that the IRS has gathered $1 billion from millionaires and demonstrated its ability to successfully implement new initiatives with the highest return on investment.

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The IRS could potentially generate up to $851 billion through 2034 with sustained funding in enforcement, technology, and data, as estimated in February.

The Inflation Reduction Act of 2022, which received IRS funding, has faced criticism from congressional Republicans.

IRS Commissioner Danny Werfel stated during a press call that the IRS lacked the resources and staffing to pursue high-income earners who were known to owe taxes over the past decade.

"The difference is really like day and night," Werfel said, explaining that unpaid taxes collected from similar earners were negligible before the Inflation Reduction Act funding due to budget constraints.

In 2019, the audit rate for high-income taxpayers was 0.7%, significantly lower than the 7.2% audit rate in 2011, as per IRS data.

The IRS' high-income audit process has been examined by both the U.S. Government Accountability Office and the U.S. Treasury Inspector General for Tax Administration. While both reports focused on the audit selection process, the Treasury report highlighted a higher no-change rate among audits of specific high-earning filers.

Werfel stated on the press call that the agencies' reports always aim to eliminate the risk of a zero-balance-due audit.

The IRS and Treasury recently announced plans to close a major tax loophole used by large, complex partnerships, which could result in raising $50 billion in tax revenue over the next decade.