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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Elon Musk’s D.O.G.E. Targets The IRS: Taxman In The Crosshairs Of Budget Cuts

Christian Encila
Christian Encila
10 months ago
3 mins read
D.O.G.E.

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The incoming heads of the newly established Department of Government Efficiency (D.O.G.E.) have an ambitious plan of slashing federal agencies’ spending by $2 trillion, locking in its crosshairs several agencies for sweeping budget cuts.

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One of the D.O.G.E. leaders, Tesla CEO Elon Musk, said that he targets to reduce federal spending on the Internal Revenue Service (IRS).

Targeting The IRS

The dynamic duo of Musk and Vivek Ramaswamy vowed to orchestrate a spending cut on federal agencies, aiming to reduce the federal budget by $2 trillion.

The D.O.G.E. leaders said that they will pursue budget cuts on federal agencies which they consider as bloated or outdated.

Musk said that one of these government agencies is the IRS, saying, “The IRS is a mess.”

The Tesla CEO pointed out that the IRS has been plagued with inefficiency and scandals for years while suggesting a free tax filing app and the conduct of an audit.

He also wanted to lay off a huge number of employees, reducing what he believed was “administrative overgrowth.”

In a poll on X, Musk asked the netizens what the budget of the IRS should be. The federal agency is requesting an additional $20 billion in funds.

The IRS just said it wants $20B more money.

Do you think it’s budget should be:

— Elon Musk (@elonmusk) November 27, 2024

“The IRS just said it wants $20B more money. Do you think its budget should be: Increased, Same, Decreased, Deleted,” he said.

The poll results showed that 60.6% of the respondents wanted to delete the IRS budget while 29.9% voted to decrease the budget.

Meanwhile, 5.6% said they are in favor of increasing the budget while 3.9% agreed that it should remain the same.

Other Agencies In The Crosshair

Musk and Vivek are eyeing to scrutinize the budget of multiple federal agencies to cut government spending.

The duo also targets another watchdog agency for financial practices, the Consumer Financial Protection Bureau (CFPB).

Musk recommended deleting the CFPB, raising concerns about the future of the agency.

DOGE market cap currently at $58.9 billion. Chart: TradingView.com

For Vivek, he wanted “mass reductions” in the Department of Education. President-elect Donald Trump has been calling for the dismantling of the department for many years now and it seems that it will happen in his return to the White House.

Vivek Eyes Budget Cut On Defense

Vivek also slammed the enormous budget of the Department of Defense, saying that the Pentagon wastes around $125 billion annually on bureaucracy.

However, the $3.6 billion defense contract of the Musk-owned SpaceX seems to be exempted from the budget-slashing program of D.O.G.E.

Several critics have argued that D.O.G.E.’s functions overlap with other existing agencies, claiming that the government efficiency department might only be a redundancy.

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The Role Of D.O.G.E.

D.O.G.E. is meant to make government work easier. The name is a reference to Dogecoin, which shows how important Musk is in Trump’s government. Musk’s role in this department has caused people to wonder how it might affect Dogecoin’s value and reputation in the market.

After Trump won the election, Dogecoin’s value went up a lot. This was because Musk is working with the new government and has a history of promoting the cryptocurrency.

Reports say that talking about D.O.G.E. at campaign meetings has caused Dogecoin prices to rise. This shows that there is a direct link between political events and how the meme coin market reacts to them.

Featured image from Dimitrios Kambouris/Getty Images for The Met Museum, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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