Yes, you probably got a tax cut. Here's why you may not be feeling it. | Analysis by zbyronwolf
Most American taxpayers got tax cuts last year, thanks to the new tax law. They just may not have realized it. And filing their returns Monday won't help make it clearer: Refunds have barely risen this year.
Final data from the IRS won't be available for some time, but the tax preparer H&R Block reports that on average, its clients' tax liability -- how much federal tax they paid -- is down by a lot, almost 25%.But the average refund -- how much they get back from the government after filing their annual returns -- is up just 1.4%. Barely at all. And there's a political divide: Red states will enjoy the biggest increase in refunds.
Trump: We are enacting the biggest tax cuts 01:06And the IRS did change the tables that govern how much is withheld in taxes from people's paychecks throughout the year. While that process -- the subject of a Government Accountability Office investigation -- was shown to be opaque, it did result in Americans getting a paycheck bump in March of 2018. But many may not have noticed, since the tax cut was spread out over the year instead of handed out as a lump sum.
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