From Fortune:

The IRS is set to collect hundreds of billions more in overdue taxes than previously thought, according to new Treasury Department analysis. The Congressional Budget Office estimated the new IRS funding would increase revenues by $180.4 billion from 2022 to 2031, and the IRS now says that if the funding is restored, revenues could reach as much as $851 billion from 2024 to 2034.

The IRS received $80 billion in funding from the Inflation Reduction Act, but House Republicans have since passed cuts to the IRS funding which will take away $1.4 billion over the next two years. The IRS is trying to show how it is spending its money, and has made customer service improvements as well as announced the recouping of half a billion dollars in back taxes from rich tax cheats.

The audit rate of millionaires fell by more than 70% from 2010 to 2019 and the audit rate on large corporations fell by more than 50%. The Treasury’s Deputy Assistant Secretary for Tax Analysis Greg Leiserson said IRA funding is “enabling the IRS to reverse this trend.” Furthermore, the tax gap — the difference between taxes owed and taxes paid — has grown to more than $600 billion annually, according to the IRS.



Read more: IRS says it will collect $560 billion more in tax revenues thanks to Inflation Reduction Act