The massive trimming of the IRS have insiders projecting the federal government will see a dip of nearly 10% in projected revenue in the coming year, The Washington Post reported.

Treasury Department and IRS officials speaking on a condition of anonymity told the outlet they are expecting upward of $500 billion in lost revenue compared with 2024 receipts, or nearly two-thirds the annual defense budget.

Natasha Sarin, president of the Yale Budget Lab and a senior Biden administration tax official, told the Washington Post, “The idea of doing that in one year, it’s hard to grapple with how meaningful of a shift that represents.”

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