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Ultra-Rich Tax Cheats Face New $80 Billion Threat From the IRS

Nov. 18, 2022, 2:09 PM

For the first time in years, rich Americans who cheat on their taxes face a growing threat from the Internal Revenue Service.

And, despite the Republican Party’s best efforts to invoke the tax bogeyman in this month’s midterm elections, it’s a menace that’s unlikely to go away.

At issue was the $80 billion earmarked to the IRS over the next decade in President Joe Biden’s Inflation Reduction Act. Advocates argued reinvigorating the agency after a decade of debilitatingbudget cuts would raise as much as $1 trillion by forcing tax evaders to pay their fair share; opponents doubted their estimates and decried ...