US EditionWhat’s Next for Trump’s IRS?
- The Trump administration's plan could lead to the elimination of half of the IRS workforce, potentially allowing the wealthiest individuals to avoid approximately $30 million in taxes daily, as analyzed by Oxfam America.
- The loss of IRS staff may result in a $395 billion revenue loss over ten years, primarily from the top 1%, according to the Yale Budget Lab.
- Oxfam America reports that ultra-wealthy tax evaders drain over half a billion dollars daily from public coffers due to insufficient enforcement in tax compliance.
- Reduced IRS staffing is expected to negatively impact ordinary taxpayers, resulting in slower refunds and customer service, as noted in Oxfam America's report.
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Tax Day Arrives With the Implications of a Trump-Era IRS Still Taking Shape
The conclusion of the tax filing season Tuesday is about to provide early clues toward resolving a nagging question hanging over the US Treasury: How honest will Americans be about their income when there are suddenly fewer auditors to check them?
·United States
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Coverage Details
Total News Sources9
Leaning Left7Leaning Right0Center1Last UpdatedBias Distribution88% Left
Bias Distribution
- 88% of the sources lean Left
88% Left
L 88%
13%
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