IRS collects $1 billion in millionaire back taxes

(CNN)– The Internal Revenue Service is cracking down on wealthy tax cheats.

Last fall, the IRS launched an initiative to collect from millionaires who have not paid the taxes they owe.

The agency identified about 16 hundred taxpayers with more than one million dollars in income who have more than 250 thousand dollars in tax debt.

To date, more than one billion dollars has been recovered from those individuals. The effort is still ongoing.

The IRS ramped up its enforcement efforts with the money it received from the Inflation Reduction Act, Congress passed nearly two years ago.