IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — The IRS says it expects to collect hundreds of billions of dollars more in overdue and unpaid taxes than previously anticipated using funding provided to the agency by the Democrats’ Inflation Reduction Act. That’s according to new analysis released Tuesday by the Treasury Department and the IRS. The report says tax revenues are expected to increase by as much as $561 billion from 2024 to 2034, which is substantially more than previous estimates. The Congressional Budget Office in 2022 estimated that tax revenues would increase by $180.4 billion over the 2022 to 2031 period.