Oops! Don’t rush out and start spending that tax refund.

Many millions of Americans filling out their 2018 taxes will probably get a rude surprised to learn that their refunds will be much less than expected or that they will actually owe money to the Internal Revenue Service after years of receiving refunds.

People have already taken to social media, using the hashtag #GOPTaxScam, to vent their anger. Many blame Trump and the Republicans for shrinking refunds. Some on Twitter are saying they wouldn’t vote for Trump again after seeing their refunds slashed.

The uproar follows the passage of Trump’s so-called major overhaul to the tax code in December 2017, which was enacted with only Republican votes and is considered the biggest legislative achievement of Trump’s first year. Remember when con-man Trump said “Let’s call it the tax cut, cut, cut bill” and bragged to his rich friends at Mara Lago that he had made them all a lot richer?

While many Americans did receive a marginal tax reduction in 2018, tax refunds are a completely different matter. Many Tax refunds have decreased because of changes in the law, such as a new limit on property and local income tax deductions, and some have decreased because of how the IRS has altered withholding in paychecks in a thinly disguised effort to make the Trump tax cut look bigger.

The average tax refund check is down an estimated $170 this year compared to last, the IRS reported Friday, and the number of people receiving a refund so far has dropped by 25%. This represents a big difference that will hit many middle-income families hard.

One word of caution this is that this is early data and reflects only returns processed through Feb. 1, and the partial government shutdown caused delays in processing filings.

Early data can shift a lot, some tax experts say, but there’s a reason to believe frustrations could rise as more Americans complete their tax returns.

There is an IRS estimate that about 4.6 million fewer filers would receive refunds this tax filing season. Another 4.6 million filers were likely to owe money who had not had that experience in the past.

There is no estimate for how many people could still receive a refund but a smaller one than before.

Edited from Bloomberg News

 

Advertisements

21 thoughts on “Oops! Don’t rush out and start spending that tax refund.

  1. Been gone on a nice trip to Costa Rica for the last two weeks, only to come back to more fear mongering from Socialists (insert face palm here…)

    Had my accountant do my taxes before I left. Got exactly $176 less this year than last year on my return.

    BUT, I paid LESS in taxes each paycheck. Averaged $48.00 more takehome in my paycheck every two weeks for a total of $1248 more in my pocket DURING the year.

    (Subtract the $176 I got less on my return than last year for a total of $1072 LESS PAID in federal taxes throughout the year.)

    Thanks Republicans! You lowered my tax obligation and I thank you for it!

    Stay negative, my friends….

    Like

    • Donald “Negative Numbskull” Trump is your lover. ❤️💋

      Liked by 1 person

      • Lol! He’s living in your head, not mine! I said thanks to the Republicans that passed the Tax reform bill and this is what you come up with? Stay paranoid and angry, my friend….

        Like

      • “Paranoid and Angry”?

        Aren’t those Putin’s Puppet’s nicknames for his two sons Donald Jr. and Eric?

        # Trump Doesn’t Care, Trump Believes Putin

        Liked by 1 person

  2. That tax cut you are so happy about receiving, that raised the national debt by one trillion dollars in just one year. the highest increase ever in that short a period, ever. Way to score deplorable.

    Liked by 1 person

    • Simple solution to the deficit… stop giving money to people that don’t earn it. We’re not a socialist country. My score says $1072 less of my dollars is going to freeloaders. Ding! Ding!

      End food stamps. End WIC. Secure our borders. Imprison socialists. Eradicate Planned Parenthood with much malice. End SNAP. Stop funding NPR… I can go on and on, but you get the point…

      Very simple solutions…

      Awaiting your orders, Mr. President…

      Like

  3. Minion? Or Patriot?

    Once unleashed, we will all find out.

    Like

    • The only thing about to be unleashed is Mike Pence’s libido once he gets to federal prison! ⚖️🚿

      Liked by 1 person

  4. Ya, we get the point, imprison, deport, or let them starve. Sure glad you and yours are less than 30% of the population. What a hard nosed hater you are. I hope that some day a disaster befalls you and no one comes to your aid. With that attitude, I feel pretty certain people will run the other way.

    Liked by 1 person

    • suffice it to say, stop the socialist programs (including giving money to other nations) and the deficit will disappear. Only thing federal taxes should be used for are the “common defense, promote the general welfare (General welfare does not mean welfare for those that will not work. Churches provided for the poor. Still do, and if you’re not tithing to your local parish, mosque or synagogue to provide for the poor’s needs, you’re a special kind of liberal loser.) and secure the blessings of liberty…”

      That’s it! Nothing in the Constitution about social security, food stamps, killing unborn children or health care.

      Like

      • And before MOLA decides to chime in, that general welfare clause would pertain to infrastructure design, build and upkeep. Including a big, beautiful wall on our southern border!

        Like

      • Impeachment is on the way, you fascist Trumptarded fools.

        Liked by 1 person

  5. Hello, Trump voter. It must be fun to yank some tails. Too bad your Trump vote did not – and never will – count. California will keep voting Democrats into every office imaginable, and you will continue to waste your vote and settle for blowing smoke. God Bless, and Fuck Off.

    Liked by 1 person

  6. Got that word SOCIALISM down to a bigger than life neanderthal club size, ah.deplorable. You keep throwing that thing and weaponizing it, somebody is going to arrest you for assault. You know deep in your heart that your ultra right misguided ideas are embedded in a more neanderthal, stone age, tribal view of the world. Build a wall and close out the rest of the world. If You are not sure of what I mean, I refer you to the “eternal conflict” in the middle East.

    Liked by 1 person

    • By the way, no one in America actually gives a god damn about labels like “socialism” or “capitalism” other than partisan Republicans. The rest of us are smart enough to realize our system will always be a hybrid of the two, because that is what actually works.

      Speaking of work, you know all of that “executive time” Trump wastes in his bedroom on a daily basis mostly consists of the fat-ass fascist traitor crushing and snorting Adderall pills while he’s screaming “Fake News” at MSNBC. What a pathetic Rapepublican pig! 🐷

      Liked by 1 person

    • Hello! My vote for President Trump didn’t count here in California, because our 55 electors cast their votes for the zombie queen. However, Trump lost the popular vote by 2.9 million votes.

      8.7 million Californians voted Democrat.

      Guess the rest of the country said, “fuck California! Your votes don’t count!” God bless YOU! Eat a Bug!

      Like

  7. Hey, TE, are you gonna do a follow up story to this that now the IRS says average refunds are actually higher overall than years past?

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s