The IRS is bracing for a $500 billion drop in revenue as an increasing number of taxpayers could skip submitting their filings in the wake of Department of Government Efficiency layoffs, according to a report.
Taxpayer behavior has changed since President Donald Trump took office and implemented sweeping federal cuts through Elon Musk’s DOGE. As a result, the IRS has “noticed an uptick of online chatter from individuals declaring their intention to not pay taxes this year,” the Washington Post reports, citing three people with knowledge of tax projections.
