Mohacsy's Safe Portfolio Member Forum

[Elroy Jetson]

The average tax refund check is down 8 percent ($170) this year versus last, the IRS reported Friday.

The number of people receiving a refund so far has also dropped by almost a quarter.

This comes after Republicans passed a major overhaul of the tax code in December 2017. The Government Accountability Office already warned last summer that the number of tax filers who receive refunds was likely to drop for the 2018 tax year and the number of filers who owe money would rise.

The refund situation marks the latest potential trouble for Republicans over their tax bill. They argued it would be a political winner, but it has consistently polled poorly.

Some of the largest benefiaries of the "2017 Tax Cuts and Jobs Act" went to foreign-owned corporations which saw a significant cut in tax rates and enhanced expensing schedules.

https://nexia.com/insights/global-insight/what-does-us-tax-reform-mean-for-foreign-owned-companies/