Americans paid almost $64 billion less in federal income taxes during the first year under the Republican tax overhaul, with some of the sharpest drops among those earning $25,000 - $100,000/year.
Americans paid almost $64 billion less in federal income taxes during the first year under the Republican tax overhaul signed into law in late 2017 by President Donald Trump, with some of the sharpest drops clustered among taxpayers earning between $25,000 and $100,000 a year, even as the overall number of refunds dropped during a turbulent tax season.
A MarketWatch analysis of IRS statistics — which shows tax-filing figures through late November 2019 — revealed: • Almost 890,000 more returns showed taxes owed under the first year of the Trump tax cuts, the data show. At the same time, the sum total of those tax bills, $170 billion, was still $1 billion smaller than in the last year under the previous tax code.
Some accountants and tax-preparation companies, including H&R Block HRB, -5.03%, arranged “empathy training” for preparers last year so they could walk clients through smaller refunds and unanticipated tax bills. — Mark Mazur, Urban-Brookings Tax Policy Center Mark Mazur, director of the Urban-Brookings Tax Policy Center, said the tax-cut picture is more nuanced, with a “mixed record” so far.
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