Economics

690 readers

183 users here now

founded 2 years ago

473

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 [email protected] to c/[email protected]

143 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

[–] [email protected] 26 points 1 week ago (4 children)

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?

[–] [email protected] 29 points 1 week ago

To give hrblock a cut of your money

[–] [email protected] 27 points 1 week ago (1 children)

Civilized countries skip that bullshit and you only need to fill taxes if you disagree with the statement they sent you

[–] [email protected] 12 points 1 week ago

tax filing companies intentionally lobbied against any kind of centralized filing, it helps billionaires too.

[–] [email protected] 10 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.

[–] [email protected] 5 points 1 week ago

Selling TurboTax subscriptions