Posted on 02/12/2019 10:42:48 AM PST by Oldeconomybuyer
Democrats see early statistics showing declining refunds this tax filing season as an opportunity to attack the 2017 Republican tax overhaul as a giveaway to the rich at the expense of the middle class.
The tax cuts lowered the amount withheld from each paycheck for most taxpayers, cutting their taxes but also raising the possibility that, when they file their taxes, their refund will be smaller.
Even though they may be paying less taxes overall, taxpayers might resent getting a smaller lump refund - or having to pay a larger bill to tax collectors.
The effect of those tax cuts on the middle class figures to be a major point of litigation in 2020 campaigns.
“The average tax refund is down about $170 compared to last year,” Sen. Kamala Harris, D-Calif., a candidate for president, tweeted Monday. “Let’s call the President’s tax cut what it is: a middle-class tax hike to line the pockets of already wealthy corporations and the 1%.”
Harris has said she would seek to roll back the tax cuts for those making more than $100,000 per year if elected president.
“I do think there’s confusion, and because of the government shutdown and because of the change in the tax laws there’s a lot of nervousness around the tax season,” said Sen. Rob Portman R-Ohio, a senior member of the the Senate Finance Committee. “I’m told confidently by Treasury everything is going to be OK, everything’s going to work, but I do think there is some understandable concern.”
(Excerpt) Read more at washingtonexaminer.com ...
Idots yes, tax refunds were never implemented as a “Christmas Fund or Christmas Account” and many use there improperly implemented deductions choice for that.
Fix your “#of” deductions as you should have and many of these gripes will go bye bye
My wife is a forensic Accounting. She gets this from clients, not just this year, but every year.
This year, people received MORE in each paycheck, so more is taken out in taxes, but its not equal, you get more spending money, but forgot about the tax hit at the end of the year.
You can go to your employer, and make a very small adjustment to your withholding and the problem will be solved. Or your tax preparer can help you get the right number.
Overwhelmingly, this additional money each week is a win for the American worker.
This is the first time is 17 years, workers have gotten a non-raise increase, according to her. Think back to the last time you got a C.O.L.A. (cost of living adjustment), its been since then...
Thank you President Trump.
Easily solved. Send in double their withholding and they’ll get back a bucket of $$$.
They are idiots. But many low info dem voters know only one thing, getting a huge tax “refund”, usually much more than they ever paid in, thanks to the EIC and child tax credit.
I’ve been harping on this point for years: WHY is ANYONE GIVING their MONEY to Uncle Sam in the FIRST place, no matter WHO is President in any given year?
Hire a CPA at a minimum if you don’t want to do the legwork, yourself. And it’s seriously not that hard to do your own taxes or figure out which LEGAL deductions work for your situation. It just takes some diligence and staying on top of things throughout the year. Start a file folder or two. Yeesh!
I’ve never understood the EXCITEMENT of getting a Tax Refund when it was MY money CONFISCATED from me in the first place!
It’s ok. Gives Trump the opportunity to push for more tax cuts.
Remember it was the Dems who demanded the cuts remain “revenue neutral”.
Forgetting about withholding, our taxes went up a lot. Very disappointing as we thought pdjt meant to lower these oppressive burdens off the backs of American citizens Congress screwed him by limiting some deductions and taking away many more. Maybe pdjt can get Congress to fix what they broke - since he’s survived all the other krap they’ve tried to bury him in
Blame your state tax rate.
but they believe it.
It is those rich people in the blue states that are dragging the average down.
Man, oh, man. The logic is too much to process.
EVEN IF THEY ARE PAYING LESS TAXES, which is what a tax cut is, they might resent the manner in which the tax is collected.
F'em and anyone that is that stupid.
Just start cutting welfare to about 85% of the people who get it.
Agreed..:
Agreed...
And the mistake was NOT making that clear to people. I understand it as do you. Many people didn’t.
When employed, if one’s tax withholding is ideally set up, the annual IRS filing should result in nothing due or a refund.
Why do people “loan” their money to the government, interest free, throughout the year while hoping to get some back in a lump sum?
My house is paid for and property taxes total less than the standard deduction. I pay taxes on pension and SS. In recent years I have had to pay $3-5000 to the IRS. However, I’ve had access to that money throughout the previous year. ...Just have to make sure I have it to pay when taxes are due.
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