this post was submitted on 23 Mar 2025
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Economics

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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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[–] [email protected] 0 points 6 days ago

They will just enact draconian penalties.

[–] [email protected] 0 points 6 days ago (1 children)

Enter Taxt Accountant, Know it all AI....Mr. Smith, it says here you sold ...

Gifted...

Sold your old Nissan Sentra for a song. Can you please sing that song for us in the mike?

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[–] [email protected] 175 points 1 week ago (3 children)

things like this are why anyone saying the right wing is fiscally responsible should be laughed out of the room

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

They have never done anything since Regan that would point to them being fiscally responsible. They have always bestowed against the welfare of the future

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[–] [email protected] 91 points 1 week ago (2 children)

no taxation without representation.

[–] [email protected] 24 points 1 week ago (6 children)

Except taxes are still taken out of wages, filing or no

[–] [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

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[–] [email protected] 6 points 1 week ago

That has to be paired with a literal violent overthrow of the government. Otherwise it doesn't work. Just ask D.C.

[–] [email protected] 64 points 1 week ago (4 children)

I filed mine mostly because I knew I was going to be getting a refund. I wanted to make sure that I got that money before the IRS was completely fucked. This may be the last year that I purposely overestimate my tax burden (e.g. paying more in taxes than I ideally should).

In the past, people would say that you're giving the government an interest-free loan - I didn't really care about that because I knew I would get that money back later. Now? I'm not so sure.

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[–] [email protected] 42 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"

[–] [email protected] 40 points 1 week ago (4 children)

Is everyone thinking they will "just do a tax fraud"?

[–] [email protected] 45 points 1 week ago

Well, which of the laid off IRS employees are going to find out?

[–] [email protected] 30 points 1 week ago

Some are thinking "I don't want to fund what Elon is doing so let them come and take it"

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[–] [email protected] 25 points 1 week ago

So efficient

[–] [email protected] 10 points 1 week ago

I haven’t done my taxes yet.

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