Economics

690 readers

181 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.

(page 3) 43 comments

sorted by: hot top controversial new old

[–] [email protected] 0 points 1 week 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?

load more comments (1 replies)

[–] [email protected] 0 points 1 week ago

They will just enact draconian penalties.

load more comments