Tax refunds are down by 8.7 percent from this time one year ago, and people are not happy. No wonder—a lot of people count on their refund. Don’t worry, says the Trump Treasury Department. “Most people are seeing the benefits of the tax cut in larger paychecks throughout the year, instead of tax refunds that are the result of people overpaying the government.” It’s a good thing! “Smaller refunds mean that people are withholding appropriately based on their tax liability, which is positive news for taxpayers.”
Taxpayers … don’t seem to agree.
And one reason taxpayers don’t agree that this is such a great thing is that those larger paychecks throughout the year were consistently oversold by Republicans. Remember that school secretary whose paycheck bump amounted to about the cost of a Costco membership, which then-Speaker of the House Paul Ryan saw as something to brag about?
The wealthiest people, on the other hand, have lots to celebrate.