Tax refunds are not the measure of tax cuts. We received tax cuts in our weekly salary. Earning more taxable income in 2018 and paying less in taxes than 2017 is the measure.
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Most have no idea what they actually pay in tax (see Total Tax on 1040). Many saw an increase in wages and a drop in withholding. Actual tax increase, if any, negligible.
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An absolutely meaningless statistic
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I'm seeing withholding drop from 2K-4K. There's the missing refund, just in advance. Add the drop in withholding to the refund, and then compare to prior year's refund. Apples to apples (assuming most else the same).
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That is what happens when you have less deducted during the year
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That’s because tax withholding is more accurate and less money is withheld.
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People have used refunds as forced savings. Over withhold. Dopey.
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Less withheld from paycheck= less refunded. Basic math, folks.
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Also for 80% of filers TAXES down. So there's that. Maybe spend some time on "Party of Math" when you are done with the whole "Party of Science" thing.
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