someoneyouknow
Literotica Guru
- Joined
- Jun 5, 2006
- Posts
- 28,274
So far this year, the Treasury has issued $4.4 billion less in tax refunds than this time last year, according to the latest IRS data. The number of tax refunds issued is down by 1.9 million. That's partly because many taxpayers were slower to file and partly because fewer are eligible for a refund this year. And lower refunds means less spending money.
The refund shortfall is coming at an awkward time—just as the economy is already cooling off after a tax-cut-fueled spending jump. The pace of spending, measured in core retail sales, has been gradually slowing since July.
As if lower spending due to lower or non-existent refunds isn't bad enough, the con artist's wealth transfer bill is causing many middle class families, particularly those in states with high property taxes, to owe money.
In Fawcett's case, her family has combined annual property and local taxes of about $27,000. She describes her house as modest, with two bathrooms and three bedrooms, and located on a small piece of property.
"Last year we had a refund of about $1,000 from federal," she said. "Our accountant said we definitely will owe $5,000, minimum, but it could be more than that."
One of the reasons people give for living in high tax areas is because of the quality of the schools. In other words, paying more money gets you better schools which means better education for your children, something which seems to be lost on those Red states which dominate the bottom of the education barrel.
With the double whammy of no refunds and pummeling by the SALT debacle, people are spending less which helps contribute to the economic slowdown already underway. That the "easily winnable" tariff war rolls on unabated, and the increase in prices for even basic items as a result, layoffs in the first quarter were at their highest since 2009, right after Bush left the country in its worst financial mess in 80 years.
Layoffs in the first quarter of 2019 were up over 10% from the last quarter in 2018, and up a massive 35% from the same period in 2018. It's not wonder the con artist is screaming to lower interest rates. His gamble on a yuge bump in the economy has fallen flat, just like it has every time trickle down economics has been tried.
https://www.cbsnews.com/news/2019-tax-refunds-smaller-tax-refunds-are-now-hurting-retail-spending-wall-street-fears-2019-04-03/
https://www.cbsnews.com/news/tax-return-2019-salt-deduction-cap-middle-class-homeowners-hit-by-the-new-tax-law-this-is-going-to-wipe-us-out/
https://thehill.com/policy/finance/437404-layoffs-hit-highest-level-for-a-first-quarter-since-2009-report
The refund shortfall is coming at an awkward time—just as the economy is already cooling off after a tax-cut-fueled spending jump. The pace of spending, measured in core retail sales, has been gradually slowing since July.
As if lower spending due to lower or non-existent refunds isn't bad enough, the con artist's wealth transfer bill is causing many middle class families, particularly those in states with high property taxes, to owe money.
In Fawcett's case, her family has combined annual property and local taxes of about $27,000. She describes her house as modest, with two bathrooms and three bedrooms, and located on a small piece of property.
"Last year we had a refund of about $1,000 from federal," she said. "Our accountant said we definitely will owe $5,000, minimum, but it could be more than that."
One of the reasons people give for living in high tax areas is because of the quality of the schools. In other words, paying more money gets you better schools which means better education for your children, something which seems to be lost on those Red states which dominate the bottom of the education barrel.
With the double whammy of no refunds and pummeling by the SALT debacle, people are spending less which helps contribute to the economic slowdown already underway. That the "easily winnable" tariff war rolls on unabated, and the increase in prices for even basic items as a result, layoffs in the first quarter were at their highest since 2009, right after Bush left the country in its worst financial mess in 80 years.
Layoffs in the first quarter of 2019 were up over 10% from the last quarter in 2018, and up a massive 35% from the same period in 2018. It's not wonder the con artist is screaming to lower interest rates. His gamble on a yuge bump in the economy has fallen flat, just like it has every time trickle down economics has been tried.
https://www.cbsnews.com/news/2019-tax-refunds-smaller-tax-refunds-are-now-hurting-retail-spending-wall-street-fears-2019-04-03/
https://www.cbsnews.com/news/tax-return-2019-salt-deduction-cap-middle-class-homeowners-hit-by-the-new-tax-law-this-is-going-to-wipe-us-out/
https://thehill.com/policy/finance/437404-layoffs-hit-highest-level-for-a-first-quarter-since-2009-report
