FYI: The national media had a field day with news that early tax filers were upset that their refunds under the Trump tax cuts were down. Yet there was one snag in this seeming irresistible man-bites-dog story: It was wrong.
The Treasury Department said in a tweet the reports were “misleading” and blamed the dip in reported refunds to the small sample size of early filers. That assessment is backed by Strategas Group’s Washington policy team led by Dan Clifton.
In a research note Tuesday titled “Tax Refunds Are Likely To Be Higher This Year,” the firm writes that the near elimination of the alternative minimum tax, the doubling of the child tax credit, and the small-business tax deduction should significantly offset the overall loss of deductions.
Regards,
Ted
https://www.barrons.com/articles/the-good-news-is-that-the-bad-news-on-tax-refunds-is-wrong-51549993653?mod=djem_b_Weekly barrons_daily_newsletter
