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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 2 days ago by [email protected] to c/[email protected]

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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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[–] [email protected] 2 points 1 day ago

Or living paycheck to paycheck making this the only way to save for big purchases. Not saying I was the best with money, but it was quite nice to guarantee a chunk of money at the beginning of the year.