KANSAS CITY – Officials at the IRS are expecting tax revenue to drop more than 10% compared with last year.
The huge anticipated reduction that could top $500-billion was first reported by The Washington Post, citing three people with knowledge of the situation.
ABC’s Jim Ryan joined Wink & Amy on Kansas City’s Morning News to detail the anticipated drop.
You can listen to the interview here:
The loss of tax receipts is expected as more individuals and businesses don’t file taxes or attempt to avoid paying balances owed to the IRS. Officials said the prediction is directly linked to shifting taxpayer behavior and President Trump’s cuts at the IRS, the Post said.
The IRS has also noted increased chatter online from people saying they won’t pay taxes this year or will make claims they aren’t eligible for with a hope that they won’t be audited.