ICYMI: IRS Recovers Millions from Wealthy and Corporate Tax Cheats Thanks to the Inflation Reduction Act

No thanks to Rep. Schweikert and Ciscomani, who opposed the Inflation Reduction Act. 

PHOENIX — The wealthy and greedy corporations are paying their fair share, thanks to the Inflation Reduction Act. FastCompany reports that the Internal Revenue Service (IRS) has recovered $520 million in previously unpaid taxes as of January 2024, thanks to Inflation Reduction Act funding for the IRS to hold tax cheats accountable for paying the taxes they owe.

The IRS “estimates that $77 billion of the tax gap is due to wealthy earners not filing their taxes.” With the support of the Inflation Reduction Act, the IRS has increased its ability to enforce wealthy and corporate tax cheats to file their taxes and pay what they owe.

Despite the positive outcomes of the Inflation Reduction Act, not everyone is in favor. Congressmen Schweikert and Ciscomani opposed the legislation. Congressman Schweikert voted against the Inflation Reduction Act and has supported a proposal to eliminate Inflation Reduction Act tax credits for hard-working Arizona families. Congressman Ciscomani and Schweikert have repeatedly voted to protect wealthy and corporate tax cheats by rescinding funding from the Inflation Reduction Act to the IRS. 

“The Inflation Reduction Act is holding the ultra-wealthy and greedy corporations accountable by making them pay their fair share in taxes, money that can be used to invest in programs that Arizonans rely upon, such as Social Security and Medicaid benefits,” said Les Braswell of Honest Arizona. “While the Inflation Reduction Act is a boon for hard-working Arizonans, Congressmen Schweikert and Ciscomani have chosen to oppose it. Their actions have not only protected their wealthy donors but also threatened Social Security and Medicare. It's high time Schweikert and Ciscomani started prioritizing the needs of hard-working Arizonans over their ultra-wealthy donors.”

Learn more about Schweikert and Ciscomoni’s extreme stances at HonestArizona.org. 

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