Billionaire Elon Musk asked social media users Wednesday if the Internal Revenue Service should be “deleted” — a day after a top Biden-Harris administration official urged Congress to give the federal agency $20 billion.
“The IRS just said it wants $20B more money,” Musk, who will co-lead informal Department of Government Efficiency under President-elect Donald Trump, wrote on X.
The world’s richest person then asked users for their thoughts on the tax authority’s budget situation.
“Do you think its budget should be: Increased, Same, Decreased, Deleted,” Musk asked in a poll.
More than 60% of X users preferred having the IRS’s budget “deleted.”
Only 3.9% said the federal agency’s budget should remain the same, 5.6% felt it deserved more money and 29.9% said the IRS budget should be decreased.
Make them sell all their weapons and ammunition too!
“Given the fiscal situation we deeply hope there is no backsliding in the coming months and years with rescinding, diverting, repealing any of the revenue that is going effectively into the IRS to help with tax collection,” Maya MacGuineas, the president of CRFB, said.
Her group identified $20 billion in potential savings Wednesday by reversing President Biden’s “Directive Limiting Use of IRS Enforcement Funding.”
What is the IRS budget request for 2025?
The IRS Fiscal Year (FY) 2025 Budget Request (Budget) is $12.3 billion in annual appropriations, equal to a potential FY 2024 Annualized Continuing Resolution (CR) and the FY 2023 Enacted level.
The FY 2024 base begins at the FY 2023 Enacted level of $12.3 billion. In addition to $537 million to maintain current staffing levels, the IRS requires another $281 million to reach current operating levels. The additional base adjustment entails supplementary labor costs within Taxpayer Services and Enforcement.
During fiscal year 2024, the IRS collected more than $5.1 trillion in tax revenue, collected more than $98 billion in enforcement revenue and distributed $553 billion in federal tax refunds and other outlays.
The I.R.S. wants more money to take away more of our money.
Stop giving tax breaks to large / mega corporations.
Our tax dollars go to fund the I.R.S. to make sure that they can continue taking our tax dollars.
After recently reviewing historical tax data across all industries and geographies, we discovered that 22% of all businesses owe money to the IRS with no public record of a federal tax lien filed
How many Fortune 500 companies didn’t pay taxes?
55
ITEP found that for 2020, 55 profitable companies in the Fortune 500 or S&P 500 paid no federal taxes; and 26 paid nothing over the three-year period from 2018 to 2020, showing that it was not just a one-year aberration.
What big corporations don’t pay taxes?
Companies paying less than 5 percent include T-Mobile, DISH Network, Netflix, General Motors, AT&T, Bank of America, Citigroup, FedEx, Molson Coors, Nike, and many others. Twenty-three corporations paid zero federal tax over the five-year period despite being profitable in every single year.
What corporations pay the most taxes?
The top three corporations, not too surprisingly, given their enormous levels of profits, are: Alphabet GOOGL -5.8% Inc., with estimated average annual federal corporate tax payments of $13.6 billion; Microsoft MSFT +1% Corp., with $11.2 billion; and Apple AAPL +0.6% Inc., with $8.1 billion.