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Did you get a tax cut?

There has been a lot of commentary on an IRS report that the average tax refund for 2018 was lower by $170 compared to 2017. Some immediately concluded that this was evidence that the 2017 Tax Act was not really a tax reduction. To be precise, the amount of your refund does not reflect a tax increase or reduction but only the amount by which withholding and estimated taxes exceeds the tax due on the income tax return. Many taxpayers’ withholding was adjusted after the tax change so more income after tax withholding was in each paycheck.

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