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Second Nexus © 2019
Fox Business Host Really Wants You to Know It's Your Fault That Your Tax Refund Is Smaller This Year
13 February 2019
Credit: Fox News
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.
<p>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.</p><p><div id="action_button_container"></div>
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</script></p><p>“<span class="transcriptBlock" id="transcript19959940000">Here’s the thing," Payne said." </span><span class="transcriptBlock" id="transcript19969950000">For the most part, the IRS is </span><span class="transcriptBlock" id="transcript19982960000">telling everyone that they </span><span class="transcriptBlock" id="transcript19991970000">just simply did not make the </span><span class="transcriptBlock" id="transcript20009990000">proper adjustments on the </span><span class="transcriptBlock" id="transcript20023330000">withholding at the </span><span class="transcriptBlock" id="transcript20030010000">beginning of the year. </span><span class="transcriptBlock" id="transcript20042020000">So they have been making all </span><span class="transcriptBlock" id="transcript20050360000">of this money."</span></p><p>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.</p><p>“<span class="transcriptBlock" id="transcript20180160000">Of course most people didn’t </span><span class="transcriptBlock" id="transcript20190170000">do that," Payne continued. </span></p><p><div data-conversation-spotlight=""></div></p><blockquote><span class="transcriptBlock" id="transcript20190170000">"While people were </span><span class="transcriptBlock" id="transcript20220200000">obviously seeing fatter paychecks </span><span class="transcriptBlock" id="transcript20230210000">they were still </span><span class="transcriptBlock" id="transcript20236540000">counting on that refund they </span><span class="transcriptBlock" id="transcript20250230000">always got. </span><span class="transcriptBlock" id="transcript20253900000">Which is interesting because, </span><span class="transcriptBlock" id="transcript20262570000">you kind of hinted at it, </span><span class="transcriptBlock" id="transcript20274250000">that we would allow the IRS </span><span class="transcriptBlock" id="transcript20290270000">to have like a $2,000 loan, </span><span class="transcriptBlock" id="transcript20313620000">our money, right? </span><span class="transcriptBlock" id="transcript20330310000">Hold on to it because we </span><span class="transcriptBlock" id="transcript20346320000">overpaid. </span><span class="transcriptBlock" id="transcript20350330000">So people should probably </span><span class="transcriptBlock" id="transcript20360340000">consider making these </span><span class="transcriptBlock" id="transcript20371680000">adjustments anyway, unless </span><span class="transcriptBlock" id="transcript20380360000">you want to give the IRS two </span><span class="transcriptBlock" id="transcript20406050000">or three grand of your money to hold for a year. </span><span class="transcriptBlock" id="transcript20425070000">Maybe they can make the </span><span class="transcriptBlock boldedCCLine" id="transcript20434410000">interest on it and you </span><span class="transcriptBlock boldedCCLine" id="transcript20450430000">won’t.”</span></blockquote><p><strong>Watch below:</strong></p><p><span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="a88222a8f4504eb17f3de1acdd2ff6bf"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/F-4Ud7mzZzo?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span></p><p>Nice try, but we the people know the real deal.</p><p></p><div id="87acf" class="rm-shortcode" data-rm-shortcode-id="CCOEI21574874583"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1095690996485099520" data-partner="rebelmouse"><div style="margin:1em 0">@thinkprogress More Repub shell game:
1 - Reduce net pay all year long
2 - Make higher lump sum payment at end of… https://t.co/4ubpeleYIO</div> — PoliWonkie (@PoliWonkie)<a href="https://twitter.com/PoliWonkie/statuses/1095690996485099520">1550068065.0</a></blockquote></div><p></p><p></p><div id="e8891" class="rm-shortcode" data-rm-shortcode-id="KLNLJ21574874583"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1095689864157298689" data-partner="rebelmouse"><div style="margin:1em 0">@thinkprogress Yep. It's the Trump voters' fault for electing Trump and GOP members of Congress who enacted the ta… https://t.co/ckwPojiiaW</div> — 🍂🍁Tedmom🍁🍂 (@🍂🍁Tedmom🍁🍂)<a href="https://twitter.com/Tedmom/statuses/1095689864157298689">1550067795.0</a></blockquote></div><p></p><p></p><div id="4b68d" class="rm-shortcode" data-rm-shortcode-id="LW4M181574874583"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1095688429617246209" data-partner="rebelmouse"><div style="margin:1em 0">@thinkprogress They should ask #ShitholePresidentTrump if his tax return is smaller this year. @realDonaldTrump #GOPTaxScam</div> — Mark Cruz (@Mark Cruz)<a href="https://twitter.com/TXinMD/statuses/1095688429617246209">1550067453.0</a></blockquote></div><p></p><p></p><div id="253a8" class="rm-shortcode" data-rm-shortcode-id="YH8MLI1574874584"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1095690092629368832" data-partner="rebelmouse"><div style="margin:1em 0">@thinkprogress https://t.co/DSdL1mCsZR</div> — rnch (@rnch)<a href="https://twitter.com/rnch/statuses/1095690092629368832">1550067849.0</a></blockquote></div><p></p><p></p><p>The fact is, most Americans did not see a significant boost to their paychecks because of the tax law.</p><p></p><p>The <a href="https://www.taxpolicycenter.org/publications/distributional-analysis-conference-agreement-tax-cuts-and-jobs-act/full">Tax Policy Center</a> found that "higher income households receive larger average tax cuts as a percentage of after-tax income, with the largest cuts as a share of income going to taxpayers in the 95th to "99th percentiles of the income distribution."</p><p>People with incomes under $25,000 saw a $60 tax cut under the law, while middle-income earners ($49,000-$86,000) received a $900 tax cut.</p><p>Those at the very top of the earnings ladder, however, gained the most from the Trump tax cuts: $13,500 for people making $308,000-$733,000 and $51,000 for individuals bringing home more than $733,000.</p><p>We are all supposed to be accountants now, apparently.</p><p></p><div id="30463" class="rm-shortcode" data-rm-shortcode-id="C05LTU1574874584"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1095692824937418752" data-partner="rebelmouse"><div style="margin:1em 0">@thinkprogress It’s our fault that we didn’t pull ourselves up with our own bootstraps and become billionaires last year.</div> — G. Wash. (@G. Wash.)<a href="https://twitter.com/js360412/statuses/1095692824937418752">1550068501.0</a></blockquote></div><p></p><p></p><div id="1807d" class="rm-shortcode" data-rm-shortcode-id="Q3MGL01574874584"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1095733332573388801" data-partner="rebelmouse"><div style="margin:1em 0">@thinkprogress Fox:Thank trump for tax relief
Me: Thank you for extra cash
Me@tax time: what the hell?why do I owe… https://t.co/FcnpuHlEdL</div> — robert shar (@robert shar)<a href="https://twitter.com/detroitrefuge/statuses/1095733332573388801">1550078158.0</a></blockquote></div><p></p><p></p><div id="b461c" class="rm-shortcode" data-rm-shortcode-id="GO529Y1574874584"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1095692233301479432" data-partner="rebelmouse"><div style="margin:1em 0">@thinkprogress It’s your fault because you didn’t understand the SCAM</div> — JetOrange (@JetOrange)<a href="https://twitter.com/JetOrange59/statuses/1095692233301479432">1550068360.0</a></blockquote></div><p></p><p></p><p>Although the standard deduction for single filers was increased to $12,000, taxpayers may feel a pinch come April because the new tax law drastically reduces itemized deductions, which are beneficial to entrepreneurs and people with dependents. The law also limits deductions for mortgages and student loan interest and health care expenses.</p><p>Meanwhile, the ultra-wealthy were given avenues through which they could deduct luxury items such as private jets. Republicans also hope to dismantle the estate tax, which only affects the smallest, richest fraction of the population.</p>
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