Elon Musk’s D.O.G.E. Targets The IRS: Taxman In The Crosshairs
The incoming head of the newly created Department of Government Effectiveness (DOGE) has an ambitious plan: Cut federal agency spending $2 trillion in cuts, targeting across-the-board budget cuts across multiple agencies.
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One of DOGE’s leaders, Tesla CEO Elon Musk, has said his goal is to reduce federal spending by the IRS.
Against the IRS
The dynamic duo of Musk and Vivek Ramaswamy vow to orchestrate an Federal agency spending cutsaimed at cutting the federal budget by $2 trillion.
DOGE leaders say they will seek to cut budgets at federal agencies they view as bloated or outdated.
Musk said one of those government agencies is the IRS, saying: “The IRS is a mess.”
The Tesla CEO noted that the IRS has been plagued by inefficiencies and scandals for years, while recommending a free tax filing app and conducting audits.
He also wants to lay off large numbers of employees and reduce what he sees as “administrative overgrowth.”
In a X poll, Musk asked netizens what the IRS’s budget should be. The federal agency is requesting an additional $20 billion in funding.
The IRS just said it wants to increase funding by $20B.
What do you think the budget should be:
— Elon Musk (@elonmusk) November 27, 2024
“The IRS just said it wants to increase funding by $20B. What do you think its budget should be: increase, same, decrease, delete,” he said.
The poll showed that 60.6% of respondents wanted to delete the IRS budget and 29.9% voted to reduce it.
Meanwhile, 5.6% expressed support for increasing the budget and 3.9% agreed to keep it unchanged.
Other agencies in the crosshairs
Musk and Vivek are considering reviewing the budgets of multiple federal agencies to cut government spending.
The pair also targeted another regulator For financial practices, the Consumer Financial Protection Bureau (CFPB).
Musk suggested eliminating the CFPB, raising concerns about the agency’s future.
Vivek, for his part, wants “massive layoffs” in the education ministry. President-elect Donald Trump has called for years to dismantle the department, which appears set to happen when he returns to the White House.
Vivek eyes defense budget cuts
Vivek also blasted the Defense Department’s massive budget, saying the Pentagon wastes about $125 billion a year on bureaucracy.
However, Musk’s SpaceX’s $3.6 billion defense contract appears to be unaffected by DOGE’s planned budget cuts
Some critics believe that DOGE’s functions overlap with other existing agencies, claiming that the Government Efficiency Unit may simply be redundant.
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dog role
DOGE aims to make government jobs easier. The name is a reference to Dogecoin, which points to Musk’s importance in the Trump administration. Musk’s role in this department has people wondering how it might affect Dogecoin’s value and reputation in the market.
After Trump won the election, Dogecoin value It’s gone up a lot. This is because Musk is working with the new administration and has a history of promoting cryptocurrencies.
Reports suggest that talk of DOGE at campaign meetings led to an increase in the price of Dogecoin. This suggests a direct link between political events and the memecoin market’s reaction to them.
Featured image by Dimitrios Kabouris/Getty Images Image courtesy of The Met, chart by TradingView
