4 days ago
The first tax season under the Trump administration’s new code is underway and causing many American’s to do a double take on their refund.
That’s because the average amount of cash citizens are getting back this year is down 8.4% from 2018, according to data from the Internal Revenue Service, NBC News reported. Americans are also taking their time to file this year, with the total number of returns submitted during the first official week of tax season totaling 16.04 million — down 12.4% from the first week of last year’s tax season.
Those who did send in their returns early, expecting to reap the benefits of the $4,000 “raise” the White House promised under the Trump tax plan, are now venting their frustrations over the low-than-expected returns they’re seeing on social media with the hashtag #GOPTaxScam.
#GOPTaxScamstories #GOPTaxScam Last year I was able to get $2700 in Tax returns but all my deductions are gone this year and was a net -$350. Only saving grace was increased child Tax credit which kept my refund in the positive,
— Dexternights (@dexternights) February 9, 2019
“Last year I was able to get $2700 in tax returns but all my deductions are gone this year and was a net -$350. Only saving grace was increased child tax credit which kept my refund in the positive,” wrote one user.
The plan, which Trump said would simplify the tax code, got rid of many deductions Americans relied on to lower their tax bill, such as home equity loan interest, moving expenses and certain job costs, including licensing and regulatory fees.Read the full story at NBC News