Economics

789 readers

20 users here now

founded 2 years ago

475

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] 102 points 1 month ago (61 children)

No it's not. Not paying your taxes and using public services is more arguably theft.

[–] [email protected] 13 points 1 month ago

We have few public services and the few that we have are being torn down as you read this comment, so they might be half right for the wrong reasons.

load more comments (60 replies)