Posted on 02/25/2019 11:13:45 AM PST by Oldeconomybuyer
Three weeks into tax season, Americans' tax refunds are shrinking. The average refund issued through Feb. 15 was 16 percent smaller than this time last year, according to data released by the Internal Revenue Service. The average refund so far this year is $2,640, down from $3,169 in 2018.
The number of taxpayers getting refunds is also sharply lower compared with last year -- down more than 26 percent, though the number of tax returns processed was down by only 6.6 percent.
For now, experts caution against reading too much into the IRS figures, which can swing dramatically week to week. About 28 million tax refunds are being delayed until at least Feb. 27 thanks to laws around the Earned Income Tax Credit, which is claimed by lower-income taxpayers, and the Child Tax Credit, which the 2017 tax reform dramatically expanded.
Smaller refunds also don't mean that someone paid more tax. Most Americans got a tax cut from the 2017 tax reform, according to the Tax Policy Center.
"We see clients getting smaller refunds, but when people compare the actual tax they paid, it's sometimes thousands of dollars lower," said Caleb Paddock, a certified financial planner in Colorado.
Still, the refund is an important cash infusion for many American households. For most, it's the largest lump payment they receive all year. For that reason, some economists are concerned about the effect that smaller refunds could have on consumer spending.
(Excerpt) Read more at cbsnews.com ...
But my take-home pay actually went up this year.
Lower tax refunds means that people got more of their money on their checks.
Duh.
Thank you, President Trump!
Meh, I haven’t gotten a refund in years.
I don’t give the government an interest-free loan.
But my take-home pay actually went up this year.
More money stays in your pocket
Good, that means you didn’t give the Government a year long interest free $500 loan...
Jeez
Idiots!
Their total tax is lower - a lot.
It’s their withholding that got reduced, hence their refunds.
But if they get refunds, they are too stupid in the first place giving Pelosi and Ryan free loans.
Still, the refund is an important cash infusion for many American households.
As for me, I always have to pay. I haven’t had a refund in 20 years.
hey, hey, hey! You're spoiling the liberals talking points with math centered logic like that. I watched article after article blaming Trump for their smaller refund. Nothing mentioned about take home pay or tax bills. Just emotion. One headline read "I screamed when I saw my tax refund". I'm sure that's probably a daily ritual in a liberals life anyway.
It is not a “cash infusion” it is your own money overpaid to the government. Now that you are paying lower taxes you kept more of your own money and the government took less extra to give you back later. Total bs designed to trick people into paying higher taxes.
Another of N examples (N is very large) where the MSM is both lying and showing abysmal ignorance.
But then again, it IS the MSM.
“”””We see clients getting smaller refunds, but when people compare the actual tax they paid, it’s sometimes thousands of dollars lower,” said Caleb Paddock, a certified financial planner in Colorado”””
If the mainstream media were not so lazy and biased, they would compare the taxes paid in 2018 vs the taxes that would have paid in 2018 under the old tax laws.
But then, the media would not be fueling the ignorance of far too many taxpayers who believe a tax refund is the government giving them money.
Media trying desperately to spin this the wrong way.
You can hear all the networks and newspapers trumpeting this, can’t you?
“Tax Refunds Way Down Under Trump”
“Trump Caused Your Tax Refund to Drop”
“Income Tax Refund Check Smaller? Thank Trump”
GOOD! No interest free loans to Uncle Sam
This article is proof positive that the media really DOES think that we’re all stupid.
That means the amount of taxes you paid were less, So......THE REFUND WAS LESS!!!!!
Thank you President Trump! Thank you Senator Rubio!
Maybe Americans are getting smarter and not giving the government as much of an interest free loan?
It's not laziness, it's DISHONESTY! They are using this to smear Trump, as always. Stupid people believe the tax refund is free money from Uncle Sugar and the media is trying to anger them rather than educating them.
I plugged my 2017 numbers into my 2018 tax software, and I would have saved about $1,800 under the new tax law.
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