In the midst of presidential candidates promising significant tax cuts, the US government has announced the recovery of $1.3 billion from wealthy taxpayers since late 2023. This significant collection comes as the nation debates tax policy with both Vice President Kamala Harris and former President Donald Trump proposing various tax reforms.

Vice President Harris has suggested increasing the capital gains tax rate for individuals earning $1 million or more to 28%, a reduction from the 39.6% rate proposed by President Joe Biden for fiscal year 2025. Additionally, Harris has advocated for a new $50,000 tax deduction for small businesses, which would be ten times the current deduction.

These proposals are part of broader efforts to address unpaid taxes, which have become a focal point as the presidential election approaches. According to Treasury Secretary Janet Yellen, the audit rate for millionaires decreased by 80% between 2010 and 2018. Yellen's upcoming speech highlights that in 2019, the top 1% of Americans were estimated to owe over 20% of unpaid taxes, shifting the tax burden to ordinary citizens.

Yellen's remarks also point out that during the previous administration, audits of high-income taxpayers decreased while audits of those with incomes under $200,000 increased.

Since launching an initiative in late 2023 to target high-income individuals with unpaid taxes, the US Treasury has reported that nearly 80% of the 1,600 millionaires targeted have made payments, totaling over $1.1 billion in recoveries. Additionally, a separate effort begun in early 2024 to address high-earners who had not filed taxes since 2017 has recovered $172 million.

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