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Many people going to be upset, experts sayTeri WebsterGovernment income tax cuts, as promised, increased take-home pay for many people this year. But the downside is that tax returns are shaping up to be smaller.How much smaller?On average, returns are about 8.4 percent smaller this year. Specifically, the average tax refund this year is $1,865, or $170 smaller than last year's average of $2,035, according to IRS figures. The IRS data compared the cumulative statistics of Feb. 2, 2018 and Feb. 1, 2019, according to published reports."While some people likely noticed an uptick in their take-home pay, the amount might have been small enough that people didn't notice, especially those who get direct deposit and might not look at their pay stubs," NBC News explained...One reason it's happening is due to adjusted tax withholding tables under the Tax Cuts and Jobs Act passed in 2017. This marks the first year the changes went into effect....https://www.theblaze.com/news/tax-refunds-smaller-2019?utm_content=bufferf2374&utm_medium=social&utm_source=twitter.com&utm_campaign=theblaze
A pretty clear explanation of what is happening.Mods, please move this if it's in the wrong place. Seemed more political than economic to me.
A clear explanation and easy enough to understand, but I would bet that many will see their tax return as the bottom line and make judgement of Trump/GOP tax laws based on the amount of $$ they get back on their return.
In other words, they're imbeciles.
Seems to me there are a lot of people who don't believe in saving money, so they count on this refund as their "savings." They are looking for this refund to finance a vacation, a new car or some other major expenditure. Foolish, if you ask me.