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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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[–] wampus@lemmy.ca 4 points 5 days ago (1 children)

And loss of trust / stability of the government makes the tech industry's push for corporate controlled 'freedom cities' much easier to get agreement on, allowing America's rich oligarchs to quite literally establish their own baronies ;P

[–] vaultdweller013@sh.itjust.works 4 points 5 days ago

There's a reason why company towns were being abandoned even before they were outlawed, that being excessive violence. The key feature of these dweebs is a notable lack of historical understanding. Also a decaying empire is basically the only thing backing their wealth bravo dipshits ya played thine selves, seriously most of this shit will be taught in the successor states of the US not to dissimilar to how the failures of the Soviet Union are taught in former eastern bloc countries.