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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 1 week 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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[–] Critical_Thinker@lemm.ee 2 points 1 week ago* (last edited 1 week ago) (1 children)

See line #2?

I still haven’t found a single action that will make things better for citizens after it’s net impact is considered. Let’s not even talk about the negative impact this is having on humanity as a whole…

as in, the actions by the current administration. Is that too hard to understand in a thread about doge telling everyone not to show up for work and cancelling any and all payments to fucking everything, including ones to people who are going to die from the lack of humanitarian aid?

We're in for some awful shit on massive scale.

Like fuck.

[–] gadfly1999@lemm.ee 1 points 1 week ago (1 children)

You know the egg thing is a joke at this point, right?

[–] Ledericas@lemm.ee 1 points 1 week ago

HIS USer name is called the critical thinker, a play on words of the right wing influencer crticial drinker, he wasnt kidding.