Tax refunds are consistent with 2017 levels: Treasury Department
Tax refunds are consistent with 2017 levels: Treasury Department Is the tax refunds for 2018 or smaller compared to last year, 2017 levels down slightly from 2018 morning? How are you season the average tax refund at this point down about 8.4 % from last year’s $ 1,865? Do you think other these numbers are going to get worse for American? So you think it’s going to hurt the economy when we we did a year ago, so the IRS unit at that, as these other return start to come in the average it’ll get better. But the truth that matters – they won’t get better and is going to be a lot of disappointed people out there. This is the first time we’re seeing the evidence of the Trump tax overhaul. So it was an estimated 80 % of Americans actually will get a tax cut, but that’s not how American taxpayers measure their tax liability. They look at that and, as we know, Americans love that refund the IRS adjusted to withholding a year ago. So people have been getting their refund a little bit every single paycheck, 10-20 $ 40, a paycheck they’ve actually gotten it through the year, but not going to get on the average that big refund that they used to get it high-tech State like New York, New Jersey, Connecticut, Illinois, California, plus a minus I’m going to have a larger liability member that the state local tax, real estate tax deductions going to be capped. And when you look at high tax states, New York, New Jersey, Connecticut Illinois, California, that only deal with very hi real estate taxes, but you’re also dealing with high state taxes that you’re pretty much lose in the majority that deduction 60 % expected this time next year. Do you think that could change as we really into the heart of the filing season in the refund did every single month we have an incredible job numbers we’ve seen increases and pay for the first time in a very long time, so people are feeling more confident. We might see a little blip out there with these refund people, count on those refunds flying cars, a pain down the credit card debt. In the short run, we might see a little bit of a blitz in consumer confidence and spending. I thank you very much. Treasuring Department is pushing back on claims that tax refunds for 2018 are smaller compare to last year. Diversified Private Wealth Advisors’ Dominick Tavella says tax refund won’t get better.