The nation's richest are evading more than $150 billion a year in taxes

TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Thursday, February 22.

Full Video Transcript Below:

I’m J.D. Durkin - reporting from the New York Stock Exchange.

Stocks witnessed a solid rally with the S&P 500 surging to an all-time high on the back of NVIDIA’s strong fourth-quarter results. The chip giant saw its revenue skyrocket and is expecting another quarter of gains. This positive report helped lift the broader tech sector, with names like Meta and Amazon jumping on the news as well.

In other news - the IRS is coming for millionaires and billionaires who have been guilty of tax evasion. According to the agency, the country’s richest are evading more than $150 billion a year in taxes. But with new funding from Congress, the IRS will begin cracking down on wealthy taxpayers, including large companies.

According to the Internal Revenue Service, audits of taxpayers making $1 million or more a year have fallen by 80 percent over the last 10 years. But those making a million dollars or more a year have increased by 50 percent over that time period.

Speaking with CNBC, IRS Commissioner Danny Werfel said, "We have to make investments to make sure that whether you’re a complicated filer who can afford to hire an army of lawyers and accountants, or a more simple filer who has one income and takes the standard deduction, the IRS is equally able to determine what’s owed to us. That’s a fairer system."

The IRS says that with the new funding, it expects to be able to bring in an additional $561 billion in tax revenue over the next decade.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.

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