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New IRS Data Confirms That Americans Are Getting Smaller Tax Refunds Since Trump's Tax Cut Plan Went Into Effect

Credit: Karl Tapales/Getty Images

The Republican Tax bill of 2017 saw the most substantial overhaul to the United States' tax code in decades. While the bill touted lowered individual tax rates and an increase for the standard deduction, it was heavily criticized for its slashing of corporate tax rates from 35% to 21%—a move many predict will lead to a notable increase in the deficit.

Though many individuals saw an increase in take-home pay throughout 2018, their refunds are likely to take a hit—especially if they didn't adjust their withholdings when the 2018 rates took effect. The new code also got rid of many deductions that were previously standard, like personal exemptions and and moving expenses.

The average refund amount for 2018 is $1,865, lowered from $2,035 the previous year, while the number of returns received so far has decreased by two million. While some say, the tax bill's benefits were reflected in an increase of take-home pay, some are incensed at the decrease in refund amounts.

Trump supporters who were promised a substantial economic boost from the tax bill are now feeling the burn when it comes to refunds.

The President's supporters have been dismayed by the effects of the tax bill on their refunds for some time now.

However, some on the Left are finding it difficult to be sympathetic toward Trump supporters who saw their refunds decrease.

Tax season isn't even over yet.