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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 4 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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[–] AlecSadler 17 points 4 days 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.

[–] [email protected] 1 points 3 days ago (1 children)

Problem is it it will catch up to you if you owe taxes.

When this country recovers, be that in 10 years, then virus will happily go after the tax dodgers of yesterdecade.

That would be my worry.

[–] AlecSadler 1 points 3 days ago

That's fine. I'd rather pay a recovered government than the current one...if that happens.

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