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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 5 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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[-] rf_@lemmy.world 26 points 5 days 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 5 days 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 4 days ago

Selling TurboTax subscriptions

this post was submitted on 23 Mar 2025
461 points (100.0% liked)

Economics

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