Trump Administration's Executive Claims $1.5 Billion Saved in IRS Tech Budget
March 21, 2025 - 12:16
A tech startup executive appointed by the Trump administration to assess the Internal Revenue Service's technology modernization program announced significant budget cuts on Thursday. Sam Corcos, the founder and CEO of health technology firm Levels, revealed that he has successfully canceled contracts totaling approximately $1.5 billion from the IRS's technology budget.
Corcos, who is also a member of the informal Department of Government Efficiency under President Donald Trump, highlighted the presence of outdated contracts with external technology consultants. He indicated that these contracts, some of which amount to tens of billions of dollars, were part of a modernization initiative that has been stalled for decades.
This move aims to streamline the IRS's operations and eliminate unnecessary spending, reflecting a broader effort to improve government efficiency. The cancellation of these contracts is seen as a step towards modernizing the agency's technology infrastructure, which has long been criticized for lagging behind current standards.
MORE NEWS
June 1, 2026 - 18:19
FCC’s Office of Engineering and Technology Names New Lab ChiefThe Federal Communications Commission has appointed Cliff Jones as the new Associate Chief and Chief of the Laboratory Division within the Office of Engineering and Technology. Jones will oversee...
June 1, 2026 - 07:42
Next frontier: Technology affecting all facets of business in the Scenic CityChattanooga may be known as the Scenic City, but its business landscape is increasingly defined by high-speed data and digital transformation. While the city has gained a reputation as a launchpad...
May 31, 2026 - 19:07
This Is My Best Artificial Intelligence (AI) Stock to Buy in June (Hint: It's Not Micron Technology)Ciena has been on a strong run this year, with shares climbing steadily as investors bet on the company`s role in the networking and optical equipment space. But the real catalyst may be just...
May 31, 2026 - 00:41
Micron Technology (MU): Renaissance Technologies Is Selling This StockRenaissance Technologies, the quantitative hedge fund known for its data-driven strategies, has been trimming its position in Micron Technology (NASDAQ:MU). The fund first entered the chipmaker`s...