Cuts to the IRS will significantly reduce its capacity to collect taxes, projected to cost the U.S. government trillions, leading to deficits and reduced services. The IRS, which historically generates significant revenue for each dollar spent, is losing qualified employees, particularly in critical audit roles targeting wealthy tax cheats. This situation will exacerbate existing financial inequities, allowing the wealthy to evade taxes more easily. The dismantling of IRS modernization efforts threatens both fiscal health and societal equity, suggesting dire consequences for the nation’s financial future.
Without the taxes the IRS collects, the United States would essentially have no funds for key services and no creditworthiness, and the nation would rapidly grind to a halt.
For every dollar spent by the agency, it generates at least $5, and possibly as much as $12; in addition, every hour devoted to auditing the very wealthy produces a return of $13,000.
The very rich, in particular, will benefit. Not only are they likely to be handed an extension of the tax cuts from Trump's first term, they are also getting a tax-reporting environment where the IRS will simply be unable to keep up.
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