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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 6 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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[–] Wilco@lemm.ee 40 points 6 days ago (4 children)

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

[–] BigDanishGuy@sh.itjust.works 45 points 6 days ago

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

[–] Glytch@lemmy.world 30 points 6 days ago

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

[–] FilthyShrooms@lemmy.world 12 points 6 days ago

They can't catch all of us, right?

[–] neon_nova@lemmy.dbzer0.com 7 points 6 days ago

Well a lot of people thought they could do the Chase infinite money glitch... So, who knows.