To put $500 billion in context, the US spent ~$825 billion on the Defense Department in fiscal 2024.
The current tax gap is $700 billion. Think about almost doubling the tax gap in a single year.
Tax revenue could fall by as much as **10%** this year, per sources, as taxpayers and businesses see the Trump admin as less likely to challenge tax cheats.
That'd be **$500 BILLION** in lost revenue.
It'd nearly double the tax gap in a single year.
To put $500 billion in context, the US spent ~$825 billion on the Defense Department in fiscal 2024.
The current tax gap is $700 billion. Think about almost doubling the tax gap in a single year.