If I owed you money, but decided to pay it back sooner than you expected, would you complain?
Apparently most Americans would because that’s what they are doing with their lower tax refunds. Because the IRS lowered withholding, refunds are lower or non existent this year. Many, perhaps most, Americans didn’t notice their take home pay increased during the year.
Focus on your net taxes paid, not the refund.
The Trump tax law lowered income taxes for an estimated 65% of taxpayers and raised them for 6%, according to the Tax Policy Center. 29% saw their taxes unchanged.
Looks like doing the right thing was a bad political move. The administration should have left withholding alone and Americans would be cheering their larger refund checks.
I told you politicians don’t understand human nature.