The newly launched Department of Government Efficiency (D.O.G.E.), led by Elon Musk and Vivek Ramaswamy, has set an ambitious goal to cut federal spending by $2 trillion. With several agencies under scrutiny, the IRS takes center stage as a primary target for these reductions.
IRS Under Fire
Musk called the IRS “a mess” and cited its inefficiency and scandals as reasons to overhaul its operations. Proposals include introducing a free tax filing app, conducting a comprehensive audit, and addressing what he described as “administrative overgrowth”.
To gauge public opinion, Musk conducted a poll on X (formerly Twitter), asking users about the IRS budget. Of the respondents:
- 60.6% voted to delete the IRS budget.
- 29.9% supported decreasing it.
- 5.6% favored an increase.
- 3.9% preferred no changes.
The IRS recently requested an additional $20 billion, fueling further criticism of its spending habits.
Broader Agency Cuts
The D.O.G.E. team also has its sights on other federal agencies. Musk suggested eliminating the Consumer Financial Protection Bureau (CFPB), citing concerns over its necessity. Meanwhile, Ramaswamy pushed for significant cuts to the Department of Education, aligning with President-elect Donald Trump’s long-standing call to dismantle the department.
Even the Department of Defense is not spared from scrutiny. Ramaswamy highlighted $125 billion in annual bureaucratic waste within the Pentagon. However, the $3.6 billion defense contract with Musk’s SpaceX appears unaffected by these proposed cuts.
Critics argue that D.O.G.E. itself might overlap with existing agencies, questioning its role in achieving true efficiency.
Musk’s Influence on Dogecoin
Interestingly, D.O.G.E.’s name references Dogecoin, reflecting Musk’s influence in Trump’s administration. Following Trump’s election win, Dogecoin’s value surged due to Musk’s involvement in the government and his history of promoting the cryptocurrency. Reports suggest Musk’s mere mention of D.O.G.E. in campaign discussions has boosted Dogecoin’s market value, highlighting the link between political developments and cryptocurrency trends.
