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.
I filed mine mostly because I knew I was going to be getting a refund. I wanted to make sure that I got that money before the IRS was completely fucked. This may be the last year that I purposely overestimate my tax burden (e.g. paying more in taxes than I ideally should).
In the past, people would say that you’re giving the government an interest-free loan - I didn’t really care about that because I knew I would get that money back later. Now? I’m not so sure.
Yeah I usually do the same just to be sure I will never owe anything now I’ll probably change it so I always owe
This is the right way to go unless you’re totally incompetent with money or a gambling addict.
Or living paycheck to paycheck making this the only way to save for big purchases. Not saying I was the best with money, but it was quite nice to guarantee a chunk of money at the beginning of the year.