Millionaires and billionaires in the US are evading more than $150 billion a year, the head of the Internal Revenue Service said.
IRS Commissioner Danny Werfel told CNBC news that the wealthiest in the US are evading billions of dollars, causing government deficits and fairness problems in the system.
IRS Identified 1,600 Millionaires
The IRS head said they identified 1,600 millionaires who were not paying their taxes worth $250,000 each.
After the department cracked down on individuals evading taxes, the IRS managed to recover $450 million in revenue.
Werfel noted that for some cash-rich individuals, the tax deduction from corporate jets can amount to “tens of millions of dollars.”
Agency Using AI
The interesting thing Mr. Werfel said in the interview is that the agency has been using artificial intelligence to manage the returns better.
“What AI does is it allows us to put on night vision goggles. What those night vision goggles allow us to do is be more precise,” he said.
