The Internal Revenue Service has ramped up its efforts to recover unpaid taxes from millionaires. It collected more than US$1.1 billion from 1,600 wealthy Americans with known but unpaid tax debts in the 2024 fiscal year, up from just $38 million a year earlier. This boost in tax revenue occurred because of the Inflation Reduction Act, which President Joe Biden signed into law in 2022. Millionaires can expect to recoup those loses after Trump regains office next year.