In this crypto news content, Elon Musk, along with entrepreneur Vivek Ramaswamy, plans to cut the budget of the Internal Revenue Service (IRS) and reform the tax system in the US. They propose a free tax-filing app, layoffs, and an audit to address inefficiency and scandals within the agency. Additionally, they aim to slash federal funding for other agencies such as the Consumer Financial Protection Bureau (CFPB), the Department of Education, and potentially the Pentagon. They argue for a simplified tax code and criticize wasteful spending by various government agencies. Elon Musk's SpaceX is currently excluded from these cuts. The plan includes auditing the IRS, reviewing its spending, and potentially relocating agencies outside of Washington. Job losses are expected as part of the overhaul, and D.O.G.E (Department of Government Efficiency) aims to assess minimum staffing needs and fire the rest. Other agencies such as the Department of Justice, Federal Trade Commission, and Securities and Exchange Commission are also expected to face cuts. The IRS has faced criticism for political targeting, inefficiency, outdated technology, delays in processing tax returns, fraudulent tax preparers, and disallowing claims without justification. Public trust in the agency has been eroded, and Musk's critique aligns with the perception of an overstaffed and abusive IRS.



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