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

[Yo_Mama_Been_Loggin]

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 donor Elon Musk’s Department of Government Efficiency group.

The Washington Post reports that taxpayer behavior has been affected following Trump’s action to fire nearly 20,000 employees of the agency and that internal systems are being affected. The IRS has had to drop investigations of tax evasion by wealthy taxpayers and large corporations, which increased under the Biden administration, and task more staffers to instead fill in the gaps left by the Trump-Musk changes.

Data is already beginning to confirm the dire projections. For the current tax season, the IRS has already received 1.7% fewer returns than it took in at this same point in 2024.

Sources within the agency also told the Post that the IRS has seen an increase in online chatter from people who have said they will file to claim tax credits that they are ineligible for (because there are fewer auditors to verify the information), and from others who said they just won’t pay their obligations.

https://www.dailykos.com/stories/2025/3/24/2312245/-IRS-will-lose-millions-as-Trump-and-Musk-scurry-to-cut-taxes-for-rich-pals

Just how the oligarchs want it.

[Abolishinist]

1. IRS agents pay for themselves, in fact the more the merrier.

This slashing by DOGE does cannot be defended by 'saving' the taxpayers money.

This from Fortune, so forget about the 'left-wing socialist/communist/marxist' crap they spew.

The agency found $21.1 billion in fraud tied to tax and financial crimes from 2022 to 2024, seized $8.2 billion in assets tied to criminal activity in the same period, and recouped $1.4 billion in restitution for crime victims, according to the agency.

“Behind all of these metrics are real crimes with real victims,” said Lauren Kohr, IRS-CI’s strategic engagement adviser. “A lot of times people look at BSA data or the Bank Secrecy Act as a regulatory requirement, but it’s really one of the sharpest tools law enforcement as a whole has to trace fraud illicit money and dismantle these criminal networks.”

“And when illicit money moves, it’s these BSA reports,” she said “that tell us the story.”

IRS-CI special agents ran an average of 966,900 searches annually against currency transaction reports. A currency transaction report, or CTR, is a financial document that banks are required to file with Treasury for any cash transaction exceeding $10,000 in a single day.

https://fortune.com/2025/03/28/irs-criminal-investigation-ai-technology-tax-bank-fraud/