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IRS layoffs could hurt revenue collection and foil efforts to go after rich tax dodgers, experts say

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The layoffs of roughly 7,000 IRS probationary workers beginning this week likely mean the end of the agency's plan to go after high-wealth tax dodgers and could spell disaster for revenue collections,
The IRS is facing potential layoffs due to budget constraints, which could significantly impact its ability to collect revenue and pursue tax evasion among wealthy individuals. According to experts cited in the article, these layoffs might lead to a reduction in enforcement activities, particularly those aimed at high-income tax dodgers. The IRS has been attempting to enhance its enforcement capabilities with funds from the Inflation Reduction Act, but with the looming threat of reduced funding, the agency's efforts could be undermined. This situation arises as the IRS has already started to see some success in increasing audits on the rich, but the potential staff cuts could reverse these gains, ultimately affecting the government's revenue collection and the fairness of the tax system.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/economy/irs-layoffs-could-hurt-revenue-collection-and-foil-efforts-to-go-after-rich-tax-dodgers-experts-say/ar-AA1ztH8X ]