10.2.19

IRS tax refunds are down 8.4 percent under Trump tax plan

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The IRS released statistics that show that tax refunds are down by 8.4 percent after the first full-year under President Donald Trump’s 2017 tax overhaul plan.

“There are going to be a lot of unhappy people over the next month,” Edward Karl, vice president of taxation for the American Institute of CPAs told Politico. “Taxpayers want a large refund.”



Another factor that contributes to the decrease in refunds is the government shutdown. The shutdown lasted five weeks and was the longest shutdown in history.

“Various factors could have played a part in the filing decrease so far, including the federal government shutdown that ended just three days before filing season opened Jan. 28,” the report said.

“The IRS had recalled previously furloughed workers during the closure to prepare, but thousands didn’t return when summoned and a backlog was expected to greet them when they did,” the report said.

The IRS is encouraging people to file early.

“IRS systems are operating smoothly to start the filing season, and refunds are being issued,” a statement said. “The IRS encourages taxpayers to e-file as the quickest way to receive their refunds.”

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