Former Treasury head Summers says Trump ‘attack’ on IRS risks $1 trillion revenue hit

Former Treasury head Summers says Trump ‘attack’ on IRS risks $1 trillion revenue hit

Former Treasury Secretary Lawrence Summers said that the Trump administration’s moves to downsize the Internal Revenue Service, along with other changes, are likely to incentivize reduced tax-payment compliance — potentially costing the federal government $1 trillion in lost revenues over a decade. Read more...

Trump's 'attack' on the IRS could cost the government $1 trillion, former Treasury Secretary says

Former Treasury Secretary Lawrence Summers told Bloomberg Television's Wall Street Week that Donald Trump's "attack" on the IRS could cost the government $1 trillion.Rob Kim/Getty Images and Andrew Harnik/Getty ImagesEx-Treasury Secretary Larry Summers said Trump's IRS cuts could cost the government $1 trillion.A Yale economist told BI that his estimate is conservative, and actual losses could top $2 trillion.Trump has ordered sweeping cuts at t…

Summers Says Trump ‘Attack’ on IRS Risks $1 Trillion Revenue Hit

Former Treasury Secretary Lawrence Summers said that the Trump administration’s moves to downsize the Internal Revenue Service, along with other changes, are likely to incentivize reduced tax-payment compliance — potentially costing the federal government $1 trillion in lost revenues over a decade.

Deregulation Can Reduce Federal Borrowing by $1 Trillion Over 10 Years

In recent years, all of the major tax and spending legislation has been done through the budget reconciliation process to sidestep filibusters, but the current budget scorekeeping has ignored savings from rolling back regs. A new landmark Heritage analysis finds that the Trump deregulation initiatives could save Uncle Sam $1.1 trillion over the next decade. These savings should be counted as deficit reducers. Senator Mike Lee has suggested inclu…

Trump 'attack' on IRS risks $1T in revenue: Summers

Former Treasury Secretary Lawrence Summers said that the Trump administration's moves to downsize the IRS, along with other changes, are likely to incentivize reduced tax-payment compliance — potentially costing the federal government $1 trillion in lost revenues over a decade.

Ex-Treasury Secretary Says Trump ‘Attack’ on IRS Risks $1 Trillion Revenue Hit

Lawrence Summers said that the Trump administration’s moves to downsize the IRS, along with other changes, are likely to incentivize reduced tax-payment compliance.