IMGUR
If you were banking on your tax refund to give you a bit of financial breathing room, you may have been much less pleased with your payout than in years past, no thanks to Donnie Trump’s new tax law.
Through the first couple weeks of filing, IRS data indicates that the law passed by the Republicans last year reduced the average tax refund by $170. The average federal tax refund amount was reduced by 8.7% to $1,949 compared with last year. The total number of refunds issued dropped by 16%, Business Insider reports.
[Related: How Changes To Tax Laws Will Affect Your Return This Year]
The surprise comes in large part due to employers and employees failing to adjust withholdings from paychecks to account for the Tax Cuts and Jobs Act changes. The government released updated withholding guidelines to help employers decipher how much to set aside from an employee’s paycheck to cover taxes. This is merely an estimate, so for employers who withheld too much, their employees will get a refund, and employers who didn’t withhold enough, their employees will owe the IRS.
That clarification doesn’t soften the blow for people who believed they were scammed by the so-called #GOPTaxScam.
If your taxes are much higher than you expected, if your refund is a joke this year, be sure to speak out on social media. The #GOPTaxScam needs to be discussed and exposed, and there should be political consequences for those who voted for it and who signed it into law.
— George Takei (@GeorgeTakei) February 9, 2019
Tax refund a thousand dollars lower pic.twitter.com/nBsGGvnbkl
— STEPHEN ZERANCE (@stephnz) February 16, 2019
https://twitter.com/dylanmatt/status/1097635929320247298
Today’s tea:
) ) )
) ( ) )
_(___(____)____(___(__ _
#GOPTaxScam /
Average tax / |
refunds /____|
are down /
8.4% /
___________/— Mark Takano (@RepMarkTakano) February 11, 2019
https://twitter.com/Redpainter1/status/1095061928894963713
https://twitter.com/imouer/status/1096824471388856320
Didn’t think I would ever see the day when I’d be paying more taxes under a republican than a democrat. 2020 can’t be here soon enough. #GOPTaxScam
— Memphis Native (@memphis_native) February 11, 2019
Getting $36 Tax Refund this year…wow. Won't even pay for my taxes to be done! Last year's return – $1200 with everything remaining the same! #GOPTaxScam,
— The End Result (@The_End_Result) February 11, 2019
If you haven’t banged out your taxes yet, don’t give yourself any added stress. Follow this link and make it easy on yourself.