Summers: IRS layoffs could cost government $1 trillion in revenue
Lawrence Summers, former US Treasury Secretary, said that the Trump administration's move to reduce the size of the Internal Revenue Service (IRS) and other policy changes could encourage taxpayers to reduce tax compliance, potentially resulting in the federal government losing as much as $1 trillion in revenue over the next decade. Summers stated in an interview that cutting IRS staff threatens the "foundation of the tax system, which is based on voluntary compliance." Summers said he is analyzing the issue with colleagues. "If we don't lose more than $1 trillion in revenue over the next decade because of this irresponsible and baseless attack on the IRS, I would be surprised," he said.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
CandyBomb x POWER: Trade to share 4,387,500 POWER
New users get a 100 USDT margin gift—Trade to earn up to 1888 USDT!
Bitget Spot Margin Announcement on Suspension of DOG/USDT, ORDER/USDT, BSV/USDT, STETH/USDT Margin Trading Services
BGB holders' Christmas and New Year carnival: Buy 1 BGB and win up to 2026 BGB!
