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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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[–] UnderpantsWeevil@lemmy.world 4 points 5 days ago* (last edited 5 days ago)

Coolidge-ism cannot fail. It can only be failed.

Gutting the federal budget takes us several big steps closer to the Thiel/Yarvin/Srinivasan envisioned Network State. Tiny autocratic techno-feudal cities that rule the surrounding territory in the same way Palestine, Lebanon, Jordan, the Sinai Peninsula, and east Iraq are controlled from Tel Aviv. We're going to balkinize America, folks.