462
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
119 comments fedilink hide all child comments

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.

you are viewing a single comment's thread
view the rest of the comments
[-] ArmoredThirteen@lemmy.zip 41 points 1 week ago

The tax person I go to every year said everyone is filing for a extensions right now "to see what happens"

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

Economics

688 readers
134 users here now

founded 2 years ago