Tax season is approaching and millions of Americans are finding that the Tax Cuts & Jobs Act was not the financial windfall Republicans and President Donald Trump promised it to be.
Refunds, for example, shrunk 8.4 percent compared to last year, on average.
Fox Business host Charles Payne thinks workers are to blame for failing to change their withholdings and not saving the tiny bits of extra cash they received thanks to the tax law.
“Here’s the thing,” Payne said.” 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.”
Payne said that the IRS “put a lot more memos out” to prevent people from overpaying, and suggested that your everyday John Q. Taxpayer should have known what to do.
“Of course most people didn’t do that,” Payne continued.
“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.”
Nice try, but we the people know the real deal.
The fact is, most Americans did not see a significant boost to their paychecks because of the tax law.
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