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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 1 week 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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[-] metaStatic@kbin.earth 86 points 1 week ago

no taxation without representation.

[-] Makhno@lemmy.world 23 points 1 week ago

Except taxes are still taken out of wages, filing or no

[-] rf_@lemmy.world 26 points 1 week ago

So what’s the point of this dance we do every year where the govt is coyly asking us to guess how much we owe or are owed?

[-] Ledericas@lemm.ee 9 points 1 week ago

to give TURBOTAX AND h&r block some of the money. turbo tax heavily spammed one of my emails ever since he won, when before they barely sent any kind of emails.

[-] Revan343@lemmy.ca 4 points 1 week ago

Selling TurboTax subscriptions

[-] suite403@lemmy.world 4 points 1 week ago

Yea, my wife wants to wait and I'm like, why? We're just screwing ourselves. Assuming the IRS even processes refunds at this point.

[-] neon_nova@lemmy.dbzer0.com 3 points 1 week ago

I have to pay as taxes are not taken out of my pay regularly. But, I am still paying it because I don't want to get audited in 5 years and they be like you need to pay it plus interest.

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

If you're owed money, take it, then adjust your shit at work so that doesn't happen anymore. I owe money because of contract work I did so I'm filing for an extension and see how it shakes out.

[-] surewhynotlem@lemmy.world 6 points 1 week ago

That has to be paired with a literal violent overthrow of the government. Otherwise it doesn't work. Just ask D.C.

this post was submitted on 23 Mar 2025
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Economics

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