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You are here: Home / Business / An unwanted surprise for some taxpayers: smaller refunds under President Trump’s tax bill

An unwanted surprise for some taxpayers: smaller refunds under President Trump’s tax bill

February 14, 2019 bostonglobe Leave a Comment

Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page By Max Reyes Globe Correspondent  February 14, 2019 Many people count on getting a federal tax refund, treating it like an annual bonus they can use to pay off bills, pay down loans, or put toward a vacation. But as this year’s tax season blooms, some early filers are instead receiving an unpleasant surprise: Their refund is either much smaller than they anticipated, or for the first time they actually owe money to the US Treasury. It’s resulting in anger, confusion, and more than a little misinformation, which, of course, has spread across social media like wildfire. You can blame the mess on the big tax bill pushed through Congress and signed by President Trump. The Tax Cuts and Jobs Act of 2017 was touted as a major tax reform package that would put more money in pockets of millions of middle-class Americans. Advertisement But as a result of a series of complications, including the way employers implemented the law, the Internal Revenue Service says the average 2018 refund is more than 8 percent lower than last year — $1,865 compared with $2,035. Get Talking Points in your inbox: An afternoon recap of the day’s most important business news, delivered weekdays. Thank you for signing up! Sign up for more newsletters here The tax bill actually did put more money in the pockets of many Americans. The problem is, a lot of… [Read full story]




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