Screaming headlines have appeared all over the mainstream media. Here’s the Washington Post:
A quick search on the Post website includes two articles from Bloomberg:
Nicole Kaeding is Director of Federal Projects at The Tax Foundation. This article is mostly Nicole Kaeding tells you why your tax refund is smaller than usual this year.
Nicole knows more about taxes than I want to know. And she has a master’s degree in economics and policy analysis from DePaul. Plus many years of experience.
A pdf of the full thread is below. I’ll just add one point (which I have discussed with Nicole). Some financial institutions will not issue 1099 forms until February 15. Two that I know about are Citi and Schwab. That means we will not be able to file taxes before this coming weekend. Nicole doesn’t think this is an important factor affecting tax refunds to this point. I really don’t know, but am pretty sure there is some impact. I have no idea whether the effect is to make refunds paid to date larger or smaller than usual.
Below is Nicole’s tweetstorm as processed by ThreadReaderApp.com.