Amusingly, we are treated to sad stories about how national refunds are less and how some people are surprised at the fact that they owe taxes after the tax cut of 2018.
I say amusingly because journalists seem to think that the public doesn't know what is going on. In my case, I (and my wife) reduced Social Security withholding to zero. I expect that there are millions more senior citizens who did the same thing. Less refunds. Secondly; people in 2018 -- who got bigger paychecks -- had less taken out. Lower refunds.
Amusingly, I like the fact that the new tax code curtails what can be deducted.
States like New York and California that have high income taxes and have -- in the past -- have seen their residents claim their state tax as a deduction.
Happily, the residents of Wisconsin (and dozens of other less densely populated states) no longer are subsidizing those states. (Subsidizing because their government has used the tax code to gain programs that their constituents might feel are affordable.) Now, they get to pay "their fair share." Lower refunds.
Also amusingly, the journalist finds and interviews taxpayers who owe. If I'm a journalist and I want to write a story with a hook, where would I look? East Coast tax preparer; let it be known that their client could be seen on national TV and express surprise with the tax cut.
No one will ever know I interviewed three or 23 to get the hook.
Bob Janovick, Sparta