Views on New Tax Laws of U.S.
75% of the United States’ tax payers used to get a refund about $2800 but not this year. The reason is the change in the tax laws by the President’s administration.
The new federal tax laws are getting shocking views with the first filing season after the law has made people frightened. It is frightening for people that used to get refunds of their taxes.
One example is of a couple out of Portland, Oregon. Andy Kraft and Amy Elias used to get money back from the government which amounted to hundreds of dollars but not this time around.
They now owe the government 10,160 this year under the new laws.
The pairs jaw dropped when they saw what they owe to the government and were surprised what will happen in the future.
The president had promised low tax rates which majority of the country will see. The new law had reduced the average tax amount by more than a thousand dollars which primarily helps the big earners.
The people are surprised and shocked by the current laws enforced.
Howard Gleckman who is a senior fellow at the Tax Policy Center was also bemused by the changings.
The couple turned many leaves but the amount they owed was correct.
Many people relied heavily on the refund value but they have to look somewhere else now.
The IRS have exported the stats of the taxation values which has decreased from the past.
The main reason of this problem arising is due to the people’s withholdings from paychecks to account for the law’s changes.
People that used to invest the refund values have to change their approach now.
Many people have criticized and taken shots of the tax laws. They say that people to change their financial planning regarding marriages, education and health to name a few. The people will not realize what has been implemented on them and it will take some time for them to adjust.
They also said that the reaction of this tax laws by the people is justified.