First U.S. tax filings under Trump’s overhaul off to slow start
By Lisa Lambert
WASHINGTON (Reuters) - The first U.S. tax filing season under the overhaul that President Donald Trump signed into law at the end of 2017 got off to a slow start in the first week, with data released on Friday showing a significant drop in returns and refunds.
According to the Internal Revenue Service, the total number of returns received in the week ending Feb. 1, 16.04 million, was down 12.4 percent from the week that ended on Feb. 2, 2018. Only 13.31 million returns were processed, down 25.8 percent from the year before. The average refund of $1,865 was 8.4 percent smaller than the average refund in the period last year.
The partial government shutdown - at 35 days, the longest in U.S. history - ended three days before the tax filing season officially opened on Jan. 28. The final deadline is Apr. 15.
Republicans passed a $1.5 trillion tax overhaul in the final weeks of 2017 that cut rates for both individuals and corporations, giving fellow Republican Trump a major policy victory. Democrats had warned that the cuts and other changes in the overhaul would primarily benefit the country's wealthiest, and many are eager to see how it will affect average Americans.
Treasury Secretary Steven Mnuchin said in a statement on Friday that the 2019 "filing season has successfully launched with millions of tax returns having been filed."
(Reporting by Lisa Lambert)
More Top Stories
Former top FBI official Andrew McCabe decried the “relentless attack” he said U.S. President Donald Trump has launched against the agency, according to released excerpts …read more
CBS’s Lara Logan Calls Media ‘Mostly Liberal’ in Scorched Earth Interview: I’m Committing ‘Professional Suicide’
In a recent interview, CBS News Foreign Correspondent Lara Logancritiqued the international “liberal” media while holding up outlets like Breitbart as the opposite side of …read more
An ambush by gunmen from a faction of Los Zetas killed one Mexican soldier and injured two others in Nuevo Laredo.read more
The commander of U.S.-backed forces in Syria called on Monday for about 1,000 to 1,500 international forces to remain in Syria to help fight Islamic …read more
U.S. President Donald Trump will say in a speech on Monday that Venezuela’s path toward democracy is irreversible and that Venezuelan military officials should work …read more
Seven Labour lawmakers quit Britain’s main opposition party on Monday over leader Jeremy Corbyn’s approach to Brexit and a row over anti-Semitism, saying Labour had …read more