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This is a follow up story to the one about middle class and conservative tax payers upset/shocked about having their refunds cut or finding they actually owe taxes. Owing taxes, and not being due a refund, is new to many. Most refunds, according to the IRS, will be smaller (8% on average), and many others who are used to receiving a refund will not be getting one (up to 25%).
Linked is a report on the IRS reasons as to why that is true, but not totally true.
They say that it is indeed true that due to the new tax reform law that about a quarter of tax payers who normally would have gotten a tax refund will not be getting a refund this year. But, tax payers should remember, says the IRS, that this new tax reform law also reduced what the income earners paid in advance to the IRS through payroll deductions. Therefore most income earners should understand that they have already received, as part of their take home pay, any tax savings due to them.
John Q -- "But due to increased fees and health insurance premiums I didn't take home more!"
This isn't going to sit well with people.
Expect the number of stunned people to steadily grow as this new tax reality hits home.
It's a new day at the IRS. It is Trump day!
Americans Expecting Tax Refund Could Be In For Big Shock IRS Refunds Down 25%
Millions of Americans filling out their 2018 taxes will probably be surprised to learn that their refunds will be less than expected or that they 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 ....×