Since the launch of an initiative to pursue high-income individuals who failed to pay their tax debts in late 2023, nearly 80% of 1,600 millionaires have made a payment, recovering over $1.1 billion.
Yellen pointed out that during the previous administration, audit rates on high-income taxpayers fell significantly, while audits on those earning less than $200,000 increased, highlighting a reversal in tax scrutiny.
In 2019, the top 1% of Americans was estimated to owe over one-fifth of unpaid taxes, which emphasizes the importance of ensuring that wealthy taxpayers contribute their fair share.
As the upcoming presidential election approaches, tax policy is becoming a focal point, with both parties presenting alternative proposals aimed at easing the financial burdens on taxpayers.
#tax-policy #high-income-taxpayers #government-initiatives #treasury-department #2024-presidential-election
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