The IRS could collect $500 billion less in tax revenue, report says, and the U.S. may run out of cash in a few months without a debt-ceiling hike

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The IRS could collect $500 billion less in tax revenue, report says, and the U.S. may run out of cash in a few months without a debt-ceiling hike - Fortune

Quick Summary:

An expected 10% revenue decline is due to changes in taxpayer behavior and President Donald Trump's cuts to the IRS, according to The Washington Post.

Even before Trump returned to the White House, IRS officials warned his transition team that plans to slash staff could hit revenue.

"Sensational and baseless claims from people, who for years promoted wasteful IRS spending, should be dismissed out of hand, as should their attempts to ensure that taxpayer funds continue to be wasted in a sad attempt to stop meaningful reforms," a Treasury spokesperson said in a statement.