Based on fresh data issued by the Treasury Department and the IRS on Tuesday, the IRS is expected to collect hundreds of billions of dollars higher in default and unpaid taxes than previously estimated.
A $561 billion increase in tax collections is anticipated between 2024 and 2034 as a result of increased enforcement made possible by funding from the Democrats’ August 2022 Inflation Reduction Act.
According to a 2022 estimate by the Congressional Budget Office, the IRA’s tens of billions in additional money for the IRS would result in a $180.4 billion boost in revenue between 2022 and 2031. The IRS currently states that projected income from 2024 to 2065 might exceed as much as $851 billion if IRA funding is reactivated, restored, and expanded.
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