Major Investors Bet Big on This "Unlisted" Stock

When the former Zillow exec whose first venture sold for $120M starts a new company, people notice. No wonder the VCs behind Uber and eBay also backed Pacaso. Their platform sells fractions of premier properties, rewriting a $1.3T market. And it works, earning over $110M in gross profit to date.

Trump Removes IRS Commissioner Billy Long After 2 Months, Appoints Treasury Secretary Scott Bessent As Acting Chief Amid Agency Leadership Crisis

Mohd Haider
August 09, 2025

President Donald Trump has reportedly removed Billy Long as Internal Revenue Service commissioner just two months after his Senate confirmation. Treasury Secretary Scott Bessent will serve as acting IRS commissioner while the administration searches for a permanent replacement.

What Happened: Long, a former Republican congressman, is expected to receive an ambassadorial nomination to Iceland, sources told CNN. “I’m excited to take on my new role as the ambassador to Iceland,” Long posted on X, without addressing his IRS departure.

The leadership change marks unprecedented turmoil for the tax agency. Seven different officials have led the IRS since Trump’s 2024 election victory, representing the highest commissioner-level turnover in agency history. The rapid succession began when former President Joe Biden‘s appointee, Danny Werfel, resigned despite having three years remaining on his statutory five-year term.

Acting commissioner Doug O’Donnell retired in February after policy clashes with Trump appointees. Melanie Krause resigned in April following pressure to share taxpayer data with immigration agencies. Gary Shapley, briefly appointed as acting commissioner, was ousted within days after Bessent opposed his selection.

See Also: Lockheed, Boeing, General Dynamics Deals Reportedly Delayed As India Pauses US Defense Talks Over Trump Tariffs

Why It Matters: Long’s removal comes amid broader IRS budget pressures. A House Appropriations subcommittee approved legislation cutting IRS funding by $2.8 billion to $9.5 billion for fiscal 2026, representing a 20% reduction. The deepest cuts target enforcement activities, dropping from $5.4 billion to $3 billion.

The agency has lost 25% of its workforce under Trump through government cuts and buyouts, according to inspector general reports. Recent controversies include Department of Homeland Security access to taxpayer records for immigration enforcement, drawing privacy concerns from lawmakers including Sen. Adam Schiff (D-CA).

Trump also moved to eliminate the IRS Direct File program, which allowed free online tax filing without private companies. The program served 32 million eligible users across 25 states, with 90% of users rating their experience as excellent or above average.

Read Next: 

  • Lockheed, Boeing, General Dynamics Deals Reportedly Delayed As India Pauses US Defense Talks Over Trump Tariffs

Image Via Shutterstock

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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