Trump’s budget generally left the Treasury Department alone — except for the IRS. The budget seeks to cut IRS funding by $2.5 billion. The agency has already frozen hiring, initiated broad-based layoffs and paused a Biden-era technology modernization process under the direction of officials from the U.S. DOGE Service.

Often considered a statement of values, this first budget since Trump's return to the White House carries the added weight of defining the Republican president's second-term pursuits, alongside his party in Congress.