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 174 points 2 weeks 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 28 points 2 weeks 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 2 weeks 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.

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[–] metaStatic@kbin.earth 90 points 2 weeks ago (2 children)

no taxation without representation.

[–] Makhno@lemmy.world 24 points 2 weeks ago (6 children)

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

[–] rf_@lemmy.world 26 points 2 weeks 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 2 weeks ago

To give hrblock a cut of your money

[–] Kecessa@sh.itjust.works 27 points 2 weeks 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 2 weeks ago

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

[–] Ledericas@lemm.ee 10 points 2 weeks 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.

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[–] pezhore@infosec.pub 63 points 2 weeks 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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[–] ArmoredThirteen@lemmy.zip 42 points 2 weeks ago

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

[–] Wilco@lemm.ee 40 points 2 weeks ago (4 children)

Is everyone thinking they will "just do a tax fraud"?

[–] BigDanishGuy@sh.itjust.works 45 points 2 weeks ago

Well, which of the laid off IRS employees are going to find out?

[–] Glytch@lemmy.world 30 points 2 weeks 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 2 weeks ago

They can't catch all of us, right?

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[–] aeternum@lemmy.blahaj.zone 39 points 2 weeks ago (16 children)

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

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

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

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[–] vaultdweller013@sh.itjust.works 9 points 2 weeks 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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[–] T00l_shed@lemmy.world 25 points 2 weeks ago

So efficient

[–] AlecSadler@sh.itjust.works 18 points 2 weeks 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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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?

[–] ABetterTomorrow@lemm.ee 10 points 2 weeks ago

I haven’t done my taxes yet.

[–] LovableSidekick@lemmy.world 9 points 2 weeks ago

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

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