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.
Merced here, we’re smack in the middle of Cowlifornia, so I would’ve guessed our prices would come down first. I’ve seen local grocers here deadass selling loosies for a dollar. Wild that you guys are coming down before us, but I’m glad to see it.
That is weird, could be dependant on preexisting contracts or possibly bulk orders