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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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[-] prototype_g2@lemmy.ml 2 points 4 days ago

So you enjoy killing people. Got you. Because that’s what your tax money is used for

Not in my country. What? You forgot the USA wasn't the only country in the world?

It seems like you have a problem with capitalism, not with the concept of taxes.

this post was submitted on 23 Mar 2025

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