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bostonangler

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

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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.

Scads of taxpayers are complaining on Twitter that they have always received a refund — but now owe the IRS instead. 

The number of refunds sent out by the IRS was also down — about 24 percent — as the agency struggled to get up to speed after the government shutdown. The agency sent out about 4.67 million tax refunds in the week ending Feb. 1, compared with about 6.17 million in the same period in 2018, according to IRS data.

This year’s filing season, which began two days after the shutdown ended on Jan. 25, is complicated because it’s the first after the 2017 tax law was enacted. Though President Donald Trump boasted that the new code would be so simplified that people could file their taxes on a postcard, that’s not the case. 

In addition, the changes complicated payroll withholding, so that not enough money was withheld by employers in many cases, meaning that people now owe more taxes. The new law also capped IRS deductions for paid state and local taxes, including real estate taxes, resulting in a nasty surprise for many filers. Several other deductions are no longer allowed.

The frustrations will likely continue to fuel support for plans to boost taxes on the ultra-wealthy. A poll last month found that nearly 60 percent of registered voters support a plan by Rep. Alexandria Ocasio-Cortez to impose a 70 percent marginal tax rate on the portion of annual income that exceeds $10 million a year.

https://www.yahoo.com/news/average-tax-refunds-down-8-054836423.html

 

 

Burn baby burn.

B/A

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Since 95% of the trash that post on twitter are full fledged members of the New Democratic Socialist Party and usually don't 

work to make an income but collect the scam that is call unearned income credit to the tune of thousands of dollars each year 

I think this is a good thing. It means milking the system while offering to do nothing for the country is coming to an end.

 

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1 hour ago, ladyGrace'sDaddy said:

Since 95% of the trash that post on twitter are full fledged members of the New Democratic Socialist Party and usually don't 

work to make an income but collect the scam that is call unearned income credit to the tune of thousands of dollars each year 

I think this is a good thing. It means milking the system while offering to do nothing for the country is coming to an end.

 

Out of greenies again. 

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20 hours ago, ladyGrace'sDaddy said:

Since 95% of the trash that post on twitter are full fledged members of the New Democratic Socialist Party and usually don't 

work to make an income but collect the scam that is call unearned income credit to the tune of thousands of dollars each year 

I think this is a good thing. It means milking the system while offering to do nothing for the country is coming to an end.

 

 

Are you insane, no one posts more twitter crap than you and the fact  that people are now seeing how the new tax law is affecting them is going to be interesting.

 

B/A

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I actually heard a lawmaker say it's important for employees to talk with their employers to make sure their W-4 wiithholdings are updated so any tax shortcoming is covered........Basically saying the new tax plan gave you more take home pay, now you need to withhold more and give that awesome windfall back, plus some.  :facepalm:

 

GO RV, then BV   

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40 minutes ago, Shabibilicious said:

I actually heard a lawmaker say it's important for employees to talk with their employers to make sure their W-4 wiithholdings are updated so any tax shortcoming is covered........Basically saying the new tax plan gave you more take home pay, now you need to withhold more and give that awesome windfall back, plus some.  :facepalm:

 

GO RV, then BV   

 

@Shabibilicious

 

Good call out!

 

My accountant was kind enough to show me my 2017 return side-by-side with my projected 2018 return. This helped me plan appropriately.

 

What's most important is your Federal Taxes paid, not your return.

 

Indy

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Most of the complainers are probably in the New England area of the US where most of the rest of the country has been subsidizing them for the higher local taxes forever. Time to pay up and readjust your withholding. 

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5 hours ago, bostonangler said:

 

Are you insane, no one posts more twitter crap than you and the fact  that people are now seeing how the new tax law is affecting them is going to be interesting.

 

B/A

Since March of 2014 I have made a total number of 12 tweets. 95 + percent of the tweets that I bring to Dinar Vets are from news sites. Just because you can't argue with the facts that the new sites I post here bring does't make them trash. And for your information I'm not insane.

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19 minutes ago, ladyGrace'sDaddy said:

Since March of 2014 I have made a total number of 12 tweets. 95 + percent of the tweets that I bring to Dinar Vets are from news sites. Just because you can't argue with the facts that the new sites I post here bring does't make them trash. And for your information I'm not insane.

 

You are joking correct? I post actual news story which you refuse to believe, and you post opinions by knuckleheads off your twitter feed. Let me know how you make out with your tax refund. If it is better or worse than last year. That will be real honest facts.

And to be clear, I didn't say you were insane, I only asked. 😎

 

B/A

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4 hours ago, markb57 said:

Most of the complainers are probably in the New England area of the US where most of the rest of the country has been subsidizing them for the higher local taxes forever. Time to pay up and readjust your withholding. 

 

But didn't the president tell us Americans could enjoy getting more in their paychecks? The extra money would help our economy? Maybe he just didn't understand his own tax law. I don't remember him saying "Hey you're getting a tax break, so go adjust your W-2". Oh well just another broken promise to the American people. You're not really getting more money, you're just owe more money...

 

B/A

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3 minutes ago, bostonangler said:

 

But didn't the president tell us Americans could enjoy getting more in their paychecks? The extra money would help our economy? Maybe he just didn't understand his own tax law. I don't remember him saying "Hey you're getting a tax break, so go adjust your W-2". Oh well just another broken promise to the American people. You're not really getting more money, you're just owe more money...

 

B/A

 

@bostonangler

 

This is FAKE NEWS on your part...REALLY?

 

Indy

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2 minutes ago, Indraman said:

 

@bostonangler

 

This is FAKE NEWS on your part...REALLY?

 

Indy

 

What's fake?  These are quotes from the big man himself...

 

“It’s going to be one of the great Christmas gifts to middle-income people,” Trump told reporters

"I'm excited to announce that if Congress sends me a bill before Christmas, the IRS ... has just confirmed that Americans will see lower taxes and bigger paychecks beginning in February," Trump said,

President Donald Trump said Americans could expect bigger paychecks beginning in February, which may hold true for those who will both experience reduced rates under the new tax system and have taxes withheld from their weekly income.

 

 

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15 minutes ago, bostonangler said:

 

But didn't the president tell us Americans could enjoy getting more in their paychecks? The extra money would help our economy? Maybe he just didn't understand his own tax law. I don't remember him saying "Hey you're getting a tax break, so go adjust your W-2". Oh well just another broken promise to the American people. You're not really getting more money, you're just owe more money...

 

B/A

 

The fed's don't control the rip-off high taxes places like New York, New Jersey and others in the northeast. The people of those states need to rise and rebel against the high taxation. The govt's of those states counted on people paying the higher taxes and then writing them off on their federal taxes, thus, making everyone else in the country subsidizing the higher taxes. Sucks for them but it's up to the people to take care of their own states.  This is absolutely NOT a broken promise from Trump. 

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5 minutes ago, bostonangler said:

 

What's fake?  These are quotes from the big man himself...

 

“It’s going to be one of the great Christmas gifts to middle-income people,” Trump told reporters

"I'm excited to announce that if Congress sends me a bill before Christmas, the IRS ... has just confirmed that Americans will see lower taxes and bigger paychecks beginning in February," Trump said,

President Donald Trump said Americans could expect bigger paychecks beginning in February, which may hold true for those who will both experience reduced rates under the new tax system and have taxes withheld from their weekly income.

 

 

B/A

 

@bostonangler

 

If you don't understand the difference between Federal Tax and tax returns, you need to go back and educate yourself...

 

Indy

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Just now, markb57 said:

 

The fed's don't control the rip-off high taxes places like New York, New Jersey and others in the northeast. The people of those states need to rise and rebel against the high taxation. The govt's of those states counted on people paying the higher taxes and then writing them off on their federal taxes, thus, making everyone else in the country subsidizing the higher taxes. Sucks for them but it's up to the people to take care of their own states.  This is absolutely NOT a broken promise from Trump. 

 

I'm not sure how the president say you'll have more is fake. I do understand that the cap of $10,000 on taxes as a deduction didn't sound like a big deal to most, because most don't pay $10,000 property tax on their home... But most didn't understand the $10,000 cap counted all properties, vehicles etc... If you own a home, a vacation property, pay an ad valorem tax on your car, truck, bike or any other taxes you will be hurt by this... 

 

B/A

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2 minutes ago, Indraman said:

 

@bostonangler

 

If you don't understand the difference between Federal Tax and tax returns, you need to go back and educate yourself...

 

Indy

 

My point is simple democrat or republican, the tax cut is hurting people. Just read the stories of people who have filed.

 

B/A

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Just now, bostonangler said:

 

My point is simple democrat or republican, the tax cut is hurting people. Just read the stories of people who have filed.

 

B/A

 

@bostonangler

 

All that matters is will you pay more or less in Federal taxes...how you plan through the year in how much is taken out of your paychecks is between you, your employer, and your account. If you did not plan appropriately for your end-of-year Federal Tax liability, then you would be one who falls into the category of receiving a smaller refund, or possibly owing Federal Taxes.

 

I will be reducing my Federal Tax liability...I am not complaing. Others may actually owe more...there will be some who fall into this category, but most "tax payers" will pay less in 2018 (Trump's taxes) vs. 2017 (Obama's).

 

BTW, are you paying less or more after Trump tax changes? Just wondering which camp you fall in.

 

Indy

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33 minutes ago, Indraman said:

 

@bostonangler

 

All that matters is will you pay more or less in Federal taxes...how you plan through the year in how much is taken out of your paychecks is between you, your employer, and your account. If you did not plan appropriately for your end-of-year Federal Tax liability, then you would be one who falls into the category of receiving a smaller refund, or possibly owing Federal Taxes.

 

I will be reducing my Federal Tax liability...I am not complaing. Others may actually owe more...there will be some who fall into this category, but most "tax payers" will pay less in 2018 (Trump's taxes) vs. 2017 (Obama's).

 

BTW, are you paying less or more after Trump tax changes? Just wondering which camp you fall in.

 

Indy

 

I doubt you will watch this, but it is very interesting with figures from the IRS and someone from the Brookings Institute who agrees with you.

 

 

 

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5 minutes ago, bostonangler said:

 

I doubt you will watch this, but it is very interesting with figures from the IRS and someone from the Brookings Institute who agrees with you.

 

 

 

 

Thanks B/A, I watched it video...it was worth the watch...😉

 

Indy

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