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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 3 weeks 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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[–] metaStatic@kbin.earth 91 points 3 weeks ago (13 children)

no taxation without representation.

[–] Makhno@lemmy.world 24 points 3 weeks ago (11 children)

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

[–] rf_@lemmy.world 26 points 3 weeks ago (5 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 3 weeks ago

To give hrblock a cut of your money

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