One More Note About Tax Refunds

The dishonest story about how tax refunds in 2019 are less than they were in 2018 and the supposed blame for that put on the tax cut legislation that got limited the deduction for state and local taxes continues apace.  The truth is that after the tax cuts were passed, the IRS modified the withholding tables so that all year long Americans got substantially more take home pay than the during the prior year.  In the past, the withholding was too high, so that at tax filing time people got a refund.  The new withholding rates were adjusted so that people were no longer over withheld.  The extra cash received during the year was far larger than the refunds of the past, but the media is now trying to make a story about the "outrage" of smaller refunds.  I get that; it's a political lie being pushed by the Democrats.  It's as if they were all screaming "if you like your tax refund, you should have kept your tax refund."

My problem, though, is a different one.  I am hearing reports in the business and financial media that make the dishonest lower refund point.  These are reports from sources that clearly know and understand the reality of why the tax refunds are lower.  Nevertheless, these reports are pushing the lie.  For example, on CBS News this morning, the business reporter said that alarming lower refunds were the result of the loss of the deduction for state and local taxes.  That's not even close to being true, and the reporter knows that.  So why is a business reporter pushing Fake News?  It's so dishonest and destructive.  It's not something that is open to opinions; it's a simple fact.  The media should not make up its own facts just to suit the anti-Trump narrative.