Bloomberg News
@Bloomberg-News·2.8M subscribers·40.1K videos
Tax Day Arrives With IRS Facing Staff Cuts
Posted
April 15, 2025
Views
5,748
Likes
27
Comments
2
Engagement
0.50%
April 15, 2025
5,748
27
2
0.50%
Every word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
1:45Now PlayingThe conclusion of the tax filing season Tuesday is about to provide early clues toward resolving a nagging question hanging over the US Treasury: How honest will Americans be about their income when there are suddenly fewer auditors to check them?
The answer has ramifications extending from Treasury debt markets already embroiled in tariff-related turmoil to legislative struggles in Washington over the debt ceiling and a proposed new round of tax cuts.
A drop in tax collections would likely move forward a debt ceiling deadline from the August to September timeline forecast by the non-partisan Congressional Budget Office. A sharp falloff also could ratchet up concerns about the fiscal burden of a proposed Republican tax package that matches giant tax cuts with much smaller spending reductions.
President Donald Trump’s administration this year terminated more than 7,000 Internal Revenue Service employees, mostly involved in tax enforcement, and ultimately may cut the agency’s workforce by 25%.
--------
Subscribe to our YouTube channel
Subscribe to Bloomberg Originals
Bloomberg Quicktake brings you global social video spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.
Connect with us on…
Breaking News on YouTube
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.
