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.
What are you talking about? There is more than one tax, on top of municipal or federal there are taxes for income, products and services, wealth, profit etc. - not just vat.
And tax is not “taken away” from people, it goes back into the economy by building roads and bridges, social care for the elderly so they can afford rent and food, employment and contracts for people working in the region.