• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Social Security's 2032 deadline puts a 22% cut on the table — but Washington has way less room to negotiate than 1983

2

CEO of $20 billion AI firm Perplexity says the secret to success is ‘sleeping with that fear’ that your competitor will steal your idea

3

Boomers actually do hold most of the wealth and power. So why do they call it 'whiny' to point that out?

1

Social Security's 2032 deadline puts a 22% cut on the table — but Washington has way less room to negotiate than 1983

2

CEO of $20 billion AI firm Perplexity says the secret to success is ‘sleeping with that fear’ that your competitor will steal your idea

3

Boomers actually do hold most of the wealth and power. So why do they call it 'whiny' to point that out?
FinanceIRS

IRS to lose billions in revenue if migrants stop filing taxes

By
Augusta Saraiva
Augusta Saraiva
and
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Augusta Saraiva
Augusta Saraiva
and
Bloomberg
Bloomberg
Down Arrow Button Icon
April 9, 2025, 5:03 PM ET
The IRS is projected to lose more than $313 billion in revenue in the coming decade as undocumented workers are poised to pay fewer taxes.
The IRS is projected to lose more than $313 billion in revenue in the coming decade as undocumented workers are poised to pay fewer taxes.Tasos Katopodis/Getty Images

The Internal Revenue Service is projected to lose more than $313 billion in revenue in the coming decade as undocumented workers are poised to pay fewer taxes after the agency struck a deal to share data with U.S. immigration authorities.

Recommended Video

The IRS is expected to lose $12 billion in revenue for the remainder of the fiscal year ending Sept. 30, according to a report out Tuesday by the Yale Budget Lab. The group estimates unauthorized workers paid about $66 billion in federal taxes in fiscal year 2023, with about two-thirds of that coming from payroll levies.

The Treasury Department—which oversees the IRS—earlier this week reached a deal with the Department of Homeland Security to share taxpayer information in response to law enforcement requests related to migration. While federal officials say the agreement includes safeguards and applies only to criminal matters, it reverses longstanding IRS privacy policies.

The report underscores the role undocumented workers play in paying into Social Security and Medicare benefit programs that they can’t draw from in retirement because of their immigration status. 

“The IRS has historically made clear to the undocumented immigrant population that their tax information is confidential and would not be used in such ways,” the report said. Tax compliance could fall among that group “if they become concerned that filing taxes could expose their personal contact information to law enforcement and be used to facilitate their deportation.”

President Donald Trump has enlisted the IRS and other government agencies in his efforts to crack down on undocumented immigration. He’s vowed to carry out the largest mass deportation campaign in U.S. history, and so far is ramping up raids and encouraging undocumented immigrants to “self-deport.”

The report notes that there’s “considerable uncertainty” around the estimates, as they will depend strongly on the behaviors of undocumented immigrants and their employers. The 10-year loss in revenue could be as low as $147 billion and as high as $479 billion, according to the Budget Lab.

About the Authors
By Augusta Saraiva
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Markets celebrate U.S.-Iran deal as both sides confirm this time is real. Trump says oil will flow and ‘I never cared about regime change’
EnergyIran
Markets celebrate U.S.-Iran deal as both sides confirm this time is real. Trump says oil will flow and ‘I never cared about regime change’
By Jason MaJune 14, 2026
6 hours ago
Oil and gas supplies could take months to return to normal after Iran deal, energy experts say
EnergyOil
Oil and gas supplies could take months to return to normal after Iran deal, energy experts say
By Cathy Bussewitz and The Associated PressJune 14, 2026
9 hours ago
Trump says a deal has been reached with Iran and orders end to U.S. naval blockade as Hormuz to reopen — ‘Ships of the World, start your engines’
PoliticsIran
Trump says a deal has been reached with Iran and orders end to U.S. naval blockade as Hormuz to reopen — ‘Ships of the World, start your engines’
By Julia Frankel, Abby Sewell, Munir Ahmed, Will Weissert and The Associated PressJune 14, 2026
11 hours ago
Social Security faces steep cuts. These senators want to bet on stocks and $27 trillion in debt to save it—but ‘the gamble does not always pay off’
InvestingSocial Security
Social Security faces steep cuts. These senators want to bet on stocks and $27 trillion in debt to save it—but ‘the gamble does not always pay off’
By Jason MaJune 14, 2026
11 hours ago
Vietnam has bold plans for its economic future. It will need U.S. tech, capital, and speed to make them happen
CommentaryVietnam
Vietnam has bold plans for its economic future. It will need U.S. tech, capital, and speed to make them happen
By Brian McFeeters and Vu Tu ThanhJune 14, 2026
12 hours ago
Iran pushes differing versions of deal as U.S. sticks to timeline
PoliticsIran
Iran pushes differing versions of deal as U.S. sticks to timeline
By Salma El Wardany, Arsalan Shahla and BloombergJune 14, 2026
14 hours ago

Most Popular

Social Security's 2032 deadline puts a 22% cut on the table — but Washington has way less room to negotiate than 1983
Personal Finance
Social Security's 2032 deadline puts a 22% cut on the table — but Washington has way less room to negotiate than 1983
By John W. Diamond and The ConversationJune 12, 2026
3 days ago
CEO of $20 billion AI firm Perplexity says the secret to success is ‘sleeping with that fear’ that your competitor will steal your idea
Success
CEO of $20 billion AI firm Perplexity says the secret to success is ‘sleeping with that fear’ that your competitor will steal your idea
By Preston ForeJune 13, 2026
2 days ago
Boomers actually do hold most of the wealth and power. So why do they call it 'whiny' to point that out?
Economy
Boomers actually do hold most of the wealth and power. So why do they call it 'whiny' to point that out?
By Nick LichtenbergJune 14, 2026
22 hours ago
Iran proved it can close the Strait of Hormuz, but the U.S. is advertising very loudly that the world's top superpower can at least punch open a hole
Energy
Iran proved it can close the Strait of Hormuz, but the U.S. is advertising very loudly that the world's top superpower can at least punch open a hole
By Jason MaJune 14, 2026
15 hours ago
The Gen Z cofounder of $1.6 billion Whop says his platform has minted over 650 millionaires—he wants to make work fun and money worries obsolete
Success
The Gen Z cofounder of $1.6 billion Whop says his platform has minted over 650 millionaires—he wants to make work fun and money worries obsolete
By Emma BurleighJune 14, 2026
23 hours ago
SpaceX surge further boosts Saudi billionaire prince’s fortune
Investing
SpaceX surge further boosts Saudi billionaire prince’s fortune
By Adveith Nair and BloombergJune 14, 2026
17 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.