Average Tax Refunds Down 8.4 Percent As Angry Taxpayers Vent On Twitter

[RKP5637]

There are going to be a lot more po'ed people as returns continue to be filed. Many Trumpsters will be unhappy with King Liar.

https://www.huffingtonpost.com/entry/tax-refunds-down-84-percent-twitter-complaints_us_5c5e4576e4b0eec79b2379e4

Average tax refunds were down last week 8.4 percent for the first week of the tax season over the same time last year, according to the Internal Revenue Service. Dipping refunds are inflaming a growing army of taxpayers stunned by the consequences of the Trump administration’s tax law — and the effects of the partial government shutdown.

The average refund check paid out so far has been $1,865, down from $2,035 at the same point in 2018, according to IRS data. Low-income taxpayers often file early to pocket the money as soon as possible. Many taxpayers count on the refunds to make important payments, or spend the money on things like home repairs, a vacation or a car.

The IRS had estimated it would issue about 2.3 percent fewer refunds this year as a result of the changes in the federal tax law, according to Bloomberg. MSNBC reports that 30 million Americans will owe the IRS money this year — 3 million more than before Trump’s tax law.

“There are going to be a lot of unhappy people over the next month,” Edward Karl of the American Institute of CPAs told Politico. “Taxpayers want a large refund.” Some 71 percent of taxpayers received refunds last year worth about $3,000 on average, according to Karl.

[Hokie]

1. If you moved you got screwed bigly

The moving expense deduction was eliminated for everyone except active duty members of the military. That's a big one for a lot of middle class people who change jobs or get transferred. It hit my son this year.

[RKP5637]

2. Wow, that would have also hit me as I've had to move several times. I was always having

to move because transferred or the company went under.

[Miigwech]

3. Now the trump shutdown makes sense

... trying to keep some folks off balance by IRS delays and interruptions

[RKP5637]

4. Yep, adds up! n/t

[hedda_foil]

5. Holy moley, that's almost 10% of what folks got.before.

Remember that the administration promised $4,000 less in taxes, which.must have thrilled almost everyone except.Democratic political.junkies like people who hang out here. What are we ... 2% of Americans who knew what was coming? Imagine how you'd feel if you were suddenly slammed with this instead of the supersized refund you had been led to expect.

Will our candidates' messages resonate? Oh you betcha they will!

[RKP5637]

6. It will be interesting to see how President Liar handles this one. n/t

[smirkymonkey]

7. It will be interesting to see how the cult reacts now that this will hit many

of them in their pocketbooks. A true test of their loyalty.

[RKP5637]

8. They're so brain dead, they will likely believe any story President Liar tells them. n/t

[Ms. Toad]

9. What I'm curious about isn't the refund (quantity or size) - but the actual tax bil

But actual taxes paid on equivalent income.

I believe the drive was to put more money in paychecks during the year in part by changing withholding - which (even if nothing else changed) would drive down the refunds.

So what I want to know is whether a person earning $30,000/year paid more or less taxes (ignoring who owed who to settle the tab).

In other words in 2018 a married couple earning $30,000 a year would take a $24,000 standard deduction, leaving $6,000 taxable income. The tax on that woudl be $600.

The withholding table should set aside $11.54/week (to withhold a total of $600.08), giving an $.08 refund.

If the government, trying to put more money in your pocket during the year, withheld only $5, you would end up owing $340. Whereas if, in the past, it had withheld $20 per week, you would have had a refund of $440.

That is with NO tax change at all - but it feels like you are ending up short $780 because your $440 refund changed into a balance due of $340. Even though it is just that if you withhold more, you get a refund (and a smaller paycheck) v. if you withhold less, you have a balance due (but a larger paycheck)

I have yet to see any article that discusses the change in TAX, as opposed to the change in refund (which is totally meaningless, without reference to whether the tax itself has changed).

[RKP5637]

11. We'll all know soon, but my guess is it might not be for the better. I had read somewhere that

in some cases there was a balancing act between the withholding and the refund ... apparently less being withheld to give the illusion to some of a pay raise ... hence less refund.

[Awsi Dooger]

10. I have no idea what to expect from mine

Lots of categories, some normal but others like rental income and declared gambling. The changes looked so confusing last year I didn't bother to go through it piece by piece.

I'll probably get screwed. Normally I can predict within a couple hundred.

[RKP5637]

12. With President Liar, plan for the worse and then you might be surprised if better ... which I doubt.