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Tax revenue could drop by 10 percent amid turmoil at IRS

Tax revenue is projected to decrease by more than 10 percent compared to 2024 by the April 15 deadline, according to The Washington Post.
The IRS has already received 1.7% fewer returns than it had at the same time in 2024, indicating potential revenue issues.
Due to staffing cuts enacted by President Donald Trump and his administration, taxpayer behavior is changing, with some skirting obligations.
These changes risk a significant shortfall of over $500 billion in tax revenue, affecting essential government services, as noted by a recent report.

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MSNBC

Left

How Elon Musk and Congress are courting a financial crisis

The IRS may have less revenue because of Elon Musk's cuts as fewer audits go out. That could cause the debt ceiling X date to move up if Congress doesn't act.

2 days ago·United States

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ITEP

Lean Left

The American Independent: Trump’s IRS Cuts Will Make It Easier for Rich Americans to Avoid Paying What They Owe

Experts say staffing cuts at the Internal Revenue Service will make it easier for wealthy tax evaders to avoid paying what they owe to the U.S. Treasury each year. In addition to costing the government billions of dollars in owed revenue, they say cuts by President Donald Trump’s administration will likely mean more audits for working Americans and worse customer service.

3 days ago

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Daily Kos

Left

IRS will lose millions as Trump and Musk scurry to cut taxes for rich pals

A new report released on Monday projects that the IRS is set to lose over $500 billion in tax revenue over the next tax season as a result of actions taken by President Donald Trump and his top ...

3 days ago·United States

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Michigan Live

Center

Trump’s IRS cuts may cost $500 billion in lost tax revenue as taxpayers exploit system

Cuts to IRS staffing and taxpayer behavior are contributing factors in the anticipated revenue decline.

3 days ago·Michigan, United States

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abc News

Lean Left

Video By The Numbers: IRS prepares for a drop in revenue

ABC News Live looks a new report showing the Internal Revenue Service bracing for a drop in revenue this year as taxpayers and business owners weigh not filing or ignoring payments.

3 days ago·United States

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WLTReport

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DailyTruthReport

Far Right

IRS Braces for $500 Billion Revenue Shortfall

The IRS anticipates more than 10% drop in tax receipts by the April 15 deadline. This is equal to over $500 billion less than the $5.1 trillion collected in 2024.

4 days ago

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