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IRS braces for $500bn drop in revenue as taxpayers skip filings in wake of DOGE cuts (www.independent.co.uk)

submitted 2 days ago by MicroWave@lemmy.world to c/economics@lemmy.world

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Summary

The IRS anticipates a $500 billion revenue loss as taxpayers increasingly skip filings following cuts from Elon Musk under Trump.

The IRS, set to downsize by 20% by May 15, has seen increased online chatter about avoiding taxes, with individuals betting auditors won’t scrutinize accounts.

Experts warned that workforce reductions could cripple the agency's efficiency.

Treasury officials predict a 10% drop in tax receipts compared to 2024.

Former IRS commissioners have criticized the cuts, warning of dysfunction and reduced collection capacity.

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[-] jjjalljs@ttrpg.network 164 points 2 days ago

things like this are why anyone saying the right wing is fiscally responsible should be laughed out of the room

[-] MutilationWave@lemmy.dbzer0.com 11 points 1 day ago

"Republicans are fiscally responsible" = "You eat seven spiders every year in your sleep"

It's just something people will keep repeating until the end of time because they don't have anything important to say.

[-] CileTheSane@lemmy.ca 4 points 1 day ago

Fiscally Responsible George, who does 86400 fiscally responsibles a day, is an outlier and should not have been included in the data set.

[-] WraithGear@lemmy.world 27 points 2 days ago

They have never done anything since Regan that would point to them being fiscally responsible. They have always bestowed against the welfare of the future

this post was submitted on 23 Mar 2025

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