Tax revenue is expected to fall more than 10% by April 15th, according to CNBC. The drop possibly exceeds $500 billion and stems from more individuals and businesses not filing or paying taxes. The sources tied the trend to changing taxpayer behavior and Trump-era IRS cuts. Thousands of IRS jobs are also at risk due to Elon Musk’s Department of Government Efficiency spending reductions, which experts warn could disrupt tax season.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Tax revenue is expected to fall by more than 10% by April 15th, according to CNBC.
00:06The drop possibly exceeds $500 billion, stems from more individuals and businesses
00:11not filing or paying taxes.
00:13Sources tie the trend to changing taxpayer behavior and Trump-era IRS cuts.
00:17Thousands of IRS jobs are also at risk due to Elon Musk's Department
00:20of Government Efficiency spending reductions, which experts warn could disrupt taxes.
00:25For all things money, visit Benzinga.com slash GSTV.