this post was submitted on 23 Mar 2025
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Economics

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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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[–] jjjalljs@ttrpg.network 175 points 6 days ago (2 children)

things like this are why anyone saying the right wing is fiscally responsible should be laughed out of the room

[–] WraithGear@lemmy.world 29 points 6 days ago

They have never done anything since Regan that would point to them being fiscally responsible. They have always bestowed against the welfare of the future

[–] MutilationWave@lemmy.dbzer0.com 11 points 5 days ago (1 children)

"Republicans are fiscally responsible" = "You eat seven spiders every year in your sleep"

It's just something people will keep repeating until the end of time because they don't have anything important to say.

[–] CileTheSane@lemmy.ca 4 points 5 days ago

Fiscally Responsible George, who does 86400 fiscally responsibles a day, is an outlier and should not have been included in the data set.

[–] metaStatic@kbin.earth 91 points 6 days ago (2 children)

no taxation without representation.

[–] Makhno@lemmy.world 24 points 6 days ago (6 children)

Except taxes are still taken out of wages, filing or no

[–] rf_@lemmy.world 26 points 6 days ago (4 children)

So what’s the point of this dance we do every year where the govt is coyly asking us to guess how much we owe or are owed?

[–] neatobuilds@lemmy.today 29 points 6 days ago

To give hrblock a cut of your money

[–] Kecessa@sh.itjust.works 27 points 6 days ago (1 children)

Civilized countries skip that bullshit and you only need to fill taxes if you disagree with the statement they sent you

[–] Ledericas@lemm.ee 12 points 6 days ago

tax filing companies intentionally lobbied against any kind of centralized filing, it helps billionaires too.

[–] Ledericas@lemm.ee 10 points 6 days ago

to give TURBOTAX AND h&r block some of the money. turbo tax heavily spammed one of my emails ever since he won, when before they barely sent any kind of emails.

[–] Revan343@lemmy.ca 5 points 5 days ago

Selling TurboTax subscriptions

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[–] pezhore@infosec.pub 64 points 6 days ago (4 children)

I filed mine mostly because I knew I was going to be getting a refund. I wanted to make sure that I got that money before the IRS was completely fucked. This may be the last year that I purposely overestimate my tax burden (e.g. paying more in taxes than I ideally should).

In the past, people would say that you're giving the government an interest-free loan - I didn't really care about that because I knew I would get that money back later. Now? I'm not so sure.

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[–] wampus@lemmy.ca 25 points 5 days ago (2 children)

I seem to recall hearing Trump officials/project2025 sorts say they wanted to do away with income tax, replace it with tariffs. So, I mean, the IRS falling apart and not being able to collect income tax is sorta... on the roadmap, isnt it? Like issuing this warning is prolly just gonna be taken as a goal milestone achieved on the plan.... ??

[–] RememberTheApollo_@lemmy.world 17 points 5 days ago (2 children)

Replace with tariffs? This clown has no idea how anything works.

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[–] vaultdweller013@sh.itjust.works 9 points 5 days ago (2 children)

Sure but they're also stupid meaning five minutes after they will realize why income tax was adopted. Tariffs were becoming inefficient by the time of the civil war let alone now.

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[–] aeternum@lemmy.blahaj.zone 39 points 6 days ago (16 children)

surely this will lower the price of eggs, right? right?

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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.

[–] ArmoredThirteen@lemmy.zip 42 points 6 days ago

The tax person I go to every year said everyone is filing for a extensions right now "to see what happens"

How much of this is because of America's new found love of famous tax dodgers they put into the government? So they think that trump is their new best friend, and if their best friends dont pay taxes, why should they?

[–] T00l_shed@lemmy.world 25 points 6 days ago

So efficient

[–] AlecSadler@sh.itjust.works 18 points 6 days ago (3 children)

I am one of those skipping filing to see what happens.

Delay, deny, dispose [of the IRS letters].

I'm taking that money and donating it to local charities and helping people in my community.

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[–] LovableSidekick@lemmy.world 9 points 5 days ago

Musk: That's $500bn we won't have to spend valuable resources counting, so Boom another win!

[–] Red_October@lemmy.world 4 points 5 days ago

Can't wait for everyone who talks shit about President Musk to get audited. It wasn't their plan but this is absolutely going to be a trap to catch people who resist the nazi takeover.

[–] ABetterTomorrow@lemm.ee 10 points 6 days ago

I haven’t done my taxes yet.

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