Four weeks into the tax filing season, the most recent IRS numbers, from Feb. 22, showed average tax refunds had increased by 1.3 percent over last year’s, $3,143. A few weeks before, the statistics showed an 8 percent decrease in the average tax refunds compared to 2017.
The 35-day government shutdown earlier this year and sweeping changes to tax laws at first made it difficult for the IRS to explain the fluctuation.
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13 comments:
It's NOT ABOUT REFUNDS. Pay less taxes during the year and NOT OWE money at the end is the goal.
The average is a bad metric, especially since we know wealthier people got the bulk of the tax cuts. It is going to skew the numbers.
I want to know what the median number is... where most of us are... from what I'm hearing and what I saw on my taxes... refunds are down. Some people have OWED who never had before.
The median would be a more honest metric.
10:58 You're not very smart, are you. Bottom line is you paid less taxes!
Most, if not all tax brackets were lowered.
1058, the total amount of taxes you paid for the year versus the prior year is the metric. The Federal government needs to stop with the games. Eliminate withholding throughout the year and make everyone write a check in April.
Pay less during the year 1051? Wouldn't that hurt me come tax time when uncle sam has his hand out? (serious question)
109, whether they take it out piecemeal throughout the year or in 1 lump sum in April, it's the same amount of cash. It's just a matter of whether during the year YOU sit on your money, or Uncle Sam does. For example, what's cheaper, a $500 per month car payment or a $600 per month payment where they then refund you $1200 in December? Same ball of wax. Still $6000 a year, but people feel "rich" because they just got a $1200 check.
If they do that then taxes will have to be increased to make up for shortfall of interest gov would have collected from withholding.
Getting a refund is a joke. The idea is hold on to your money as long as you can and have it a work making you more. Then pay the Fed. I wish I could do the same with my Social Security I could grow that faster too. The refund culture is another Hallmark Holiday that just creates a seasonal economic boost in the numbers. It is seldom saved or invested.
No ,now you better worry more since they took your write-offs away !!!! You may now OWE $$$$ at end of year instead of get back any !!!!!
WE got screwed ( the middle class / working class ) as
always ......while Big companys make out !!!!! Fact
Things were Better before, if it ain't broke, don't fix it !!!!
This country is going to be Communist and Freedom will
be a thing of the past.......just wait & see !!!! taxing us to death !!
You wanted a Republic. That's how it works. Maintaining a Military and what amounts to wage slaves. Taxation is like Tithing the Church to keep the fantasy alive. Pay Pray and OBEY. If you don't like it take a real stand and stop paying. Many rich people pay a precious price not to and it falls on your shoulders but you are hand out beholding to them to LOL " create jobs " for poor slobs too stupid to make it happen for themselves. Reality is not a God created economic garden of plenty for everyone. Natural selection has proved that the bright strong and clever PROSPER.
Thx 143. Got it now. Good weekend to you!
Us "Buy Here-Pay Here" car lot operators HATE these new tax laws!!!
Income Tax is not Constitutional
Period.
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