Breaking news from emails
Receive alerts of breaking news and special reports. The news and stories that matter, delivered the mornings from Monday to Friday.
By Alyssa Newcomb
The first tax season with President Donald Trump's new tax plan is underway and has had a disappointing start for the first to file the lawsuit. The average repayment this year fell 8.4 percent to $ 1,865 for the week ended February 1, according to data from the Internal Revenue Service.
Americans also do not seem to be eager to get an increase in their taxes. The total number of returns received during the first official week of the tax season was 16.04 million. That's a decrease of 12.4 percent from the first week of last fiscal season.
In a press release on Friday, Treasury Secretary Steven Mnuchin said that "the filing season has been successfully launched and millions of tax returns have been filed."
First respondents, who expected higher reimbursements after the White House promised an "increase" of $ 4,000, according to Trump's tax plan, took Twitter to download their frustrations, using the hashtag #GOPTaxScam.
"Last year I was able to get $ 2,700 in tax returns, but all of my deductions disappeared this year and were $ 350. Only the savings was an increase in the child tax credit that kept my reimbursement positive," he wrote. @dexternights.
Others also shared their stories about having smaller reimbursements and, in some cases, they owe money after years of getting a refund.
The revision of the $ 1.5 billion tax code was enacted at the end of 2017. According to the Trump plan, the rates for individuals and corporations were reduced.
However, the plan, which Trump said would simplify the tax code, also eliminated many deductions that working-class Americans used to reduce their taxes, such as interest on mortgage loans, moving expenses and certain labor costs, including licenses and regulatory fees. .