Transcript for Tax refund backlash as payouts are smaller this year
Next, four money. It’s tax time and April 15th will be the first full year of the sweeping Republican tax overhaul. But the first numbers from the irs show that refunds are smaller than year. Down 8%. The promise was that nearly everyone would do better so what’s going on? ABC’s Kenneth Moton reporting on your money. Reporter: Tonight, shock and anger from early tax filers. Those refunds not as big as they had hoped or not coming at all. I hate calling it a tax cut, because it really wasn’t a tax cut for me. Reporter: The irs reports the average refund for the first week of filing down 8% compared to the same time last year. It appears the biggest reasons, changes in deductions under president trump’s new tax law, and a non-partisan government watchdog says for more T 30 million Americans didn’t withhold enough from paychecks. The unfortunate result of that is that shortfall has to be made up at some point. That point is when you file your tax return. Reporter: Frustrated filers taking to Twitter to complain. One person asking “Will someone make my tax returns great again?” South Carolina non-profit consultant Eva sieupersad is single, no children. Her pay jumped $1,000 in 2018, no changes to her withholdings. Last year’s refund $900, this year she owes $26. I was counting onthat money to pay for property taxes. A lf Americans feeling that as well. Kenneth Moton joins us live set. Kenneth, you have tips for people going through this right now. I do. They should shake off frustrations and if your refund is smaller or you actually owe this year, consult with tax experts to work with your employer to withhold more
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