Taxpayers Skirt a Gutted IRS & United Eyes an American Airlines Takeover
April 15, 2026
AI Summary
5 min readTax Day with a Gutted IRS, United Eyes American, and Banks Say the Consumer Is Fine
Happy Tax Day—but if you're hoping to slip something past the IRS, your chances haven't been this good in years. The Trump administration has been scaling back tax enforcement aggressively, canning auditors and investigators who hunt down tax cheats and collect unpaid bills. As the Wall Street Journal reports, the IRS has lost 27% of its workforce in the past year and about three-quarters of its senior leadership, according to Brookings. The agency has gone through seven commissioners, and the current leader is doing the job part-time while also running Social Security. Inflation-adjusted spending on tax enforcement is the lowest in at least two decades, says the Progressive Center on Budget and Policy Priorities.
The consequences are stark. Audits of people with at least $10 million are projected to drop 39% this year, after falling 9% the year before. In fiscal 2025, the IRS collected less direct revenue from audits and appeals than in any year since at least 2012. "There's never been a better time to tell the IRS: catch me if you can," the hosts observed.
Continue reading the full summary in the app — free to try.
Read Full Summary →Free • No credit card required
Never miss an episode of Morning Brew Daily
Get every new episode summarized in your inbox — free, ~5 minutes to read.
No spam. Unsubscribe anytime.
What you'll learn
- 1 (00:22) **Small Talk Science** - Study shows people enjoy small talk more than they expect, with benefits for mental health and relationships
- 2 (02:13) **IRS Gutted: Tax Enforcement at Two-Decade Low** - Trump administration cuts have reduced IRS workforce by 27%, making it easier for wealthy taxpayers to evade audits
- 3 (03:48) **The Tax Gap Reality** - While wage earners pay 85% of taxes owed, business owners exploit loopholes, creating a nearly $1 trillion annual tax gap
- 4 (06:36) **United Floats American Airlines Mega-Merger** - United Airlines is exploring a tie-up with American Airlines that would create a carrier with over 2,800 aircraft and $100B+ in revenue
- 5 (08:54) **Antitrust Hurdles and Industry Consolidation** - The proposed merger faces massive regulatory opposition, but the airline industry has been built through consolidation
- 6 (11:04) **Big Bank Earnings Show Resilient Consumers** - JP Morgan, Wells Fargo, and Citi brought in $27.5B in Q1 profits, a 17% increase, with consumers still spending strong
- 7 (13:02) **Market Rally and IMF Warning** - S&P 500 is less than 1% from all-time high, but IMF slashes global growth forecasts citing Middle East turmoil
+ Full timestamped outline available in the app
Show Notes
Episode 824: It’s Tax Day! Neal and Toby talk about the IRS losing its auditing powers, which has led to taxpayers looking to cheat the system. Then, JPMorgan has a strong showing for its Q1 earnings but CEO Jamie Dimon issues a warning from the uncertain geopolitical landscape. Also, United CEO has reportedly pitched a takeover of American Airlines, sparking antitrust issues. Meanwhile, Unilever plans to acquire Grüns gummies as it bets big on the wellness industry.
Learn more at https://www.schwab.com/oninvesting
Vote for MBD at the Webby Awards!!! https://wbby.co/57452N
Join us for trivia! https://events.morningbrewinc.com/mbdtrivianight-april2026
Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app.
Listen to Morning Brew Daily Here: https://www.swap.fm/l/mbd-note
Watch Morning Brew Daily Here: https://www.youtube.com/@MorningBrewDailyShow
Learn more about your ad choices. Visit megaphone.fm/adchoices
More from this podcast
Morning Brew Daily →