How DOGE’s Cuts to the IRS Threaten to Cost More Than DOGE Will Ever Save
https://www.propublica.org/article/how-doge-irs-cuts-will-cost-more-than-savings-trump-musk-deficit

"cutting the #IRS means the #government collects less #taxes. “If you’re interested in the #deficit and curbing it, why would you cut back on the revenue side?” one expert asks...

“By firing us, you’re going to cut down on how much #revenue the country brings in,” Nershi said in an interview. “This was not about saving #money.”"

#Musk says the goal is to achieve a $1 trillion #deficit reduction by 2026. During the 2024 campaign, Musk said “I think we can do at least $2 trillion,” so he has already abandoned half of his promise from the campaign.

“Is anybody unhappy with Elon?” #Trump asked. “If you are, we’ll throw him out of here.” Nervous laughter rippled through the room as #cabinet members started to clap.

“President Trump has put together the best cabinet ever,” Musk says.

#Musk said the federal #deficit challenges America’s stability, which many on both sides of the aisle would agree with. But the cuts he has been making in taking his “chain saw” approach to #FederalAgencies would still be a drop in the bucket. The vast majority of federal spending goes to #SocialSecurity, #Medicare, #Medicaid & the #military, which Trump has *vowed* to protect—though he backed the House budget that cuts Medicaid among other programs including #Veterans services.

#Trump #USpol

Acting IRS Commissioner Is Expected to Announce His Retirement

Doug O’Donnell, a 40-year veteran of the IRS, was elevated last month after the last commissioner stepped down at the beginning of Trump’s term.
https://www.nytimes.com/2025/02/24/us/politics/acting-irs-commissioner-retire.html

"departure comes at a turbulent time... w/ore than 6,700 employees dismissed last week. #Musk has suggested the #IRS should be abolished... deployed a member of his so-called #DOGE to the agency

...moves that #tax experts warn could increase the #deficit"

With ~100k staff members before the #layoffs, the #IRS is responsible for collecting >$5T in revenue every year. Pres #Biden provided billions in new funding to the agency in hopes of modernizing its technology & beefing up its ability to go after #corporations & #wealthy people who do not pay the #taxes they owe.

#Trump is rapidly reversing those efforts, in moves that experts warn could increase the #deficit by making it easier for people to avoid paying.

#law #USpol
https://www.nytimes.com/2025/02/24/us/politics/acting-irs-commissioner-retire.html?smid=nytcore-ios-share&referringSource=articleShare&sgrp=p&pvid=E1CAACC3-09A0-4865-ACFB-B5BB84A27ED6

There is no #US #trade deficit with the European Union.

There is a deficit in shipped products.

But trade is more than just shipping items. A lot of the trade is currently for services. Examples are hosting, advertising, software such as Gmail, online consulting + hundreds of other digital services.

When you consider those, the trade with Europe is not a #deficit but a #surplus.

But Trump wants Americans to be angry. Truth doesn't matter. It is about riling up the people.

@GottaLaff
#EU

(8/) #Obama turned "Dubya"s disastrous economy around and #Unemployment fell to 4.6% (down from 10.0% soon after taking over from Bush-43.)

When T**** managed to defeat #Hillary and took over as president, he made NO CHANGE to Obama's economic policies other than "cut #taxes" & "cut interest rates"… two things you do to goose a BAD economy.

The economy was hot, but his massive tax cuts caused the #Deficit & #NationalDebt to explode.

When #Covid crashed the economy, he was left w/no recourse.

@economics @economics-that-works

For societies that retain for themselves currency sovereignty, anything that is technically feasible, is affordable.

Demonstration by Peter Cooper (2021): https://heteconomist.com/the-core-significance-of-taxation-and-currency-sovereignty-in-a-nutshell/