Early tax filers are seeing smaller refunds for the first full year of filing under President Donald Trump’s tax plan, The Washington Post, CNN and other outlets reported Sunday based on IRS data released Friday.
The drop is due in part both to changes in the IRS’ withholding tables — which fattened some Americans’ take-home pay in paychecks issued over the last year — and limits on some deductions.
According to the IRS data, the average return amount is down 8.4 percent versus Feb. 2 of last year.
An IRS spokesperson told the Post that the record-breaking partial government shutdown may have delayed the processing of some refunds. Indeed, the data showed a 24 percent drop in the number of refunds issued by February 1, compared to Feb. 2 last year.
Only the true believers are going to be surprised. Good.
Fuckem
Two times.
It appears that mine will be half of last year, which is better than I thought. The SALT limitation and the removal of the individual deduction really hurts. (The paperwork is also even clumsier than usual.)
Though aware & prepared, the limited SALT deduction really hurt…