00:00It's Benzinga bringing Wall Street to Main Street.
00:02Internal Revenue Service is set to lay off approximately 6,000 employees and limiting
00:076% of its workforce during the peak of tax season.
00:10Person familiar with the matter said the cuts are part of Donald Trump's downsizing initiative
00:14led by Elon Musk, which has targeted government agencies across sectors.
00:18Speaking at the Conservative Political Action Conference,
00:21Musk held up a chainsaw handed to him by Argentine President Javier Millet,
00:25calling it the chainsaw for bureaucracy.
00:27Labor unions sued to stop the firings, but a federal judge allowed them to proceed.
00:32The layoffs primarily affected workers hired during Joe Biden's administration,
00:36which sought to enhance tax enforcement on the wealthy.
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