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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 9 months 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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[–] ChexMax@lemmy.world 13 points 9 months ago

Because as a dink, other people's children will serve as your lawyers, nurses, firemen, governor's, mailmen, cable guy whatever for at least half of your life. You contribute nothing to the next gen except those taxes. Other people are providing the workers, while you benefit from their unpaid labor of raising children. Only dumb dumbs don't see the value in contributing to education, especially since a lot of they themselves benefited from that exact education or free access to libraries and other social services