Trump's 'attack' on the IRS could cost the government $1 trillion, former Treasury Secretary says
On Tuesday, former Treasury Secretary Lawrence Summers said that Donald Trump's "misguided, wanton attack on the IRS" could cost the government $1 trillion over the next decade.
As part of his aggressive cost-cutting strategy, Trump has ordered sweeping cuts at the Internal Revenue Service to increase the agency's "efficiency and effectiveness." These layoffs include a 75% reduction in the IRS's Office of Civil Rights and Compliance, which is responsible for investigating complaints of discrimination against taxpayers.
The statutory body has also experienced repeated leadership shake-ups since Trump took office. Five different people have held the role of acting commissioner since January, including three different people during tax week alone.
Summers, who served as Treasury Secretary under Bill Clinton's administration, told Bloomberg's David Westin that Trump's efforts to cut IRS staff are "threatening the basis of our tax system, which is based on voluntary compliance" and described the president's approach in leading the agency as "raw incompetence."
https://www.msn.com/en-us/money/taxes/trump-s-attack-on-the-irs-could-cost-the-government-1-trillion-former-treasury-secretary-says/ar-AA1DpY7u
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