Even conservatives are worried about Trump's plans to slash the IRS
Published On Mar 8, 2025, 9:46 AM
The article discusses concerns from tax experts and former IRS officials regarding former President Trump's proposed plan to cut the IRS workforce by 50%. This plan could slow down tax processing, increase wait times for taxpayer assistance, and negatively impact the IRS's ability to collect taxes effectively. Experts warn that the downsizing would undermine service levels and lead to higher rates of tax evasion, costing the government more in lost revenue than it would save. The potential for degraded services during tax filing seasons and ineffective enforcement against tax dodgers is emphasized, raising alarms for both taxpayers and the federal budget.
Stock Forecasts
TLT
Negative
If Trump proceeds with these IRS cuts, it may lead to a substantial increase in tax evasion and non-compliance, resulting in lower government revenues and potentially increased budget deficits. This can harm the financial markets tied to government bonds and fiscal stability.
Related News
Social Security payments to increase for public pension recipients
Feb 27, 2025, 5:22 PM
Some Social Security beneficiaries who receive public pensions may receive higher benefit payments as the implementation of the Social Security Fairness Act gets underway.
Treasury investors anticipate Fed shift back to growth risks
Feb 27, 2025, 12:12 AM
(Bloomberg) -- Investors in US government bonds are starting to bet the Federal Reserve will soon need to pivot from worrying about sticky inflation to fretting about slowing economic growth. Most Read from BloombergThe Trump Administration Takes Aim at Transportation ResearchShelters Await Billions in Federal Money for Homelessness ProvidersNYC’s Congestion Pricing Pulls In $48.6 Million in First MonthNew York’s Congestion Pricing Plan Faces Another Legal ShowdownNYC to Shut Migrant Center in F
Waspi women threaten legal action after pension payouts rejected
Feb 23, 2025, 7:06 PM
It comes after the government rejected compensation for women hit by changes to the state pension age.