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Unread 2019-02-13, 12:44   #1
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aarkieboy
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As Americans begin to prepare their 2018 federal tax returns, many are facing the unpleasant surprise that their tax refunds will be smaller this year or that they may even owe money to the government. This comes despite — or perhaps because of — the tax bill passed by the Republican Congress in late 2017 and signed by President Donald Trump, which Trump falsely promised would give everyone a tax cut, but actually raised taxes on many middle class Americans.

On Wednesday, Fox & Friends attempted to spin the situation, blaming taxpayers who should have somehow known to have adjust their withholding a year ago and should have saved more.

Noting that the average tax refund has dropped 8.4 percent since last year, guest and Fox Business Network host Charles Payne claimed Americans should have used their “fatter paychecks” more wisely.

“Here’s the thing. For the most part, the IRS is telling everyone that they just simply did not make the proper adjustments on the withholding at the beginning of the year. So they have been making all of this money,” he said.

He added that employers and taxpayers should have known better, because the Internal Revenue Service “put a lot more memos out” about how to recalculate payroll deductions.

“Of course most people didn’t do that. While people were obviously seeing fatter paychecks they were still counting on that refund they always got. Which is interesting because, you kind of hinted at it, that we would allow the IRS to have like a $2,000 loan, our money, right? Hold on to it because we overpaid. So people should probably consider making these adjustments anyway, unless you want to give the IRS two or three grand of your money to hold for a year. Maybe they can make the interest on it and you won’t.”

The “fatter paycheck” claim applies mostly to higher income earners rather than the average American. Most people did not notice a significant increase in their paychecks as a result of the bill, which mostly benefited the very rich and corporations." (More)
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Unread 2019-02-13, 16:00   #2
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RepoMan
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So people should probably consider making these adjustments anyway, unless you want to give the IRS two or three grand of your money to hold for a year.

Sound financial advice, but people like the feeling of a jackpot, not the sound of sound financial advice.

Hellooooooooo!



Why else would refund advances be so popular? https://www.jacksonhewitt.com/refund-advance/
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Go Back   Mechapixel Forums > Main > Aarkie's Corner > Fox News tells Americans to stop complaining about their shrunken tax refunds
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