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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 month 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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[-] ToiletFlushShowerScream@lemmy.world 13 points 1 month ago

How much of this is because of America's new found love of famous tax dodgers they put into the government? So they think that trump is their new best friend, and if their best friends dont pay taxes, why should they?

this post was submitted on 23 Mar 2025
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