Tax Day is coming, and Congress is taking a close look at this year’s filing season.
Americans and the IRS are in the middle of dealing the new law, and this year’s government shutdown made it more difficult.
Still the IRS Commissioner said so far, so good.
The commissioner said despite reports to the contrary, the average refund is about the same as last year.
But a refund isn’t the only factor when determining if you’ll end up paying more taxes this year. You also have to look at how much was withheld from your paychecks.
Republican Senator John Thune said when you add it all up, it’s good news.
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“Millions of American families are facing a less painful tax bill this year,” he stated.
But Democrats said while things may look rosy now, that will eventually come to an end.
Under the new tax law, most of the individual tax cuts expire after 2025, while the business tax cuts are permanent.
Oregon Senator Ron Wyden is angry because he said the U.S. tax enforcement system targets the working poor.
“I want to ask you now about the earned income tax credit recipients being more likely to get audited and millionaires being less likely,” he said.
The IRS said audits are designed to catch tax fraud regardless of the taxpayer’s income.