Economics

807 readers

125 users here now

founded 2 years ago

483

IRS braces for $500bn drop in revenue as taxpayers skip filings in wake of DOGE cuts (www.independent.co.uk)

submitted 1 month ago by [email protected] to c/[email protected]

142 comments fedilink hide all child comments

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.

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 2 points 1 month ago* (last edited 1 month ago) (1 children)

That's kind of the point. We don't need a functional government because we don't need government at all. Governments want us to think we need them when we do not.

https://www.youtube.com/watch?v=fZ0Qkhnt6bQ

[–] [email protected] 10 points 1 month ago

That's immensely dumb and highlights a basic misunderstanding of government.