Wednesday, April 17, 2019

PBS NewsHour on this year's smaller tax refunds

Since Tax Day is today in Maine and Massachusetts, I will finish my trilogy of tax-related entries today with PBS NewsHour examining The financial, political and psychological implications of tax reform

This is the first year that fully incorporates major updates to the tax code signed into law by President Trump in 2017. Amid the changes, some taxpayers are expressing confusion and alarm at how the new rules affect them. Lisa Desjardins talks to Jim Tankersley from The New York Times.
As both the graphic from the Los Angeles Times above and the video show, lots of people have been thrown off by their smaller refunds this year.  Other than the effect on the real estate market from capping the amount of state and local taxes one could deduct, I didn't even consider that among all the reasons I thought the 2017 tax bill was a bad idea.  It's turning out to be a reason why the tax bill is nowhere near as popular as the Republicans thought it would be.  Speaking of popular, the suggestion of tripling the refund would be a popular way to reduce taxes, but I'll be honest, it made me laugh.  Why?  I thought the idea a bit silly.

That's it for taxes for now.  Stay tuned for a retrospective featuring popular posts about the Retail Apocalypse.

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