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IRS tax refunds are down 8.4 percent under Trump tax plan: ‘There are going to be a lot of unhappy people’

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The IRS released statistics that show that tax refunds are down by 8.4 percent after the first full-year under President Donald Trump’s 2017 tax overhaul plan.

“There are going to be a lot of unhappy people over the next month,” Edward Karl, vice president of taxation for the American Institute of CPAs told Politico. “Taxpayers want a large refund.”

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Another factor that contributes to the decrease in refunds is the government shutdown. The shutdown lasted five weeks and was the longest shutdown in history.

“Various factors could have played a part in the filing decrease so far, including the federal government shutdown that ended just three days before filing season opened Jan. 28,” the report said.

“The IRS had recalled previously furloughed workers during the closure to prepare, but thousands didn’t return when summoned and a backlog was expected to greet them when they did,” the report said.

The IRS is encouraging  people to file early.

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“IRS systems are operating smoothly to start the filing season, and refunds are being issued,” a statement said. “The IRS encourages taxpayers to e-file as the quickest way to receive their refunds.”

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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George Conway fears Trump is ‘psychologically decompensating before our very eyes’

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President Donald Trump spent Friday morning melting down on Twitter as he watches bad economic news pour in, and conservative attorney George Conway worries he's suffering a mental breakdown.

Economists have been sounding alarms about a possible recession ahead of the 2020 election, and Trump has been alternately insisting things are fine while also trying to lay blame for a downturn at the feet of his political enemies.

Trump snapped at his own Federal Reserve chairman Jerome Powell, who has resisted pressure by the president to lower interest rates, and attacked Chinese leader Xi Jinping over a new round of tariffs in an escalating trade war.

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Fox’s Chris Wallace stunned as ‘flailing’ Trump tries to order around US companies while the stock market plunges

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Fox News Sunday host Chris Wallace seemed stunned by a series of angry tweets from Donald Trump on Friday morning, first attacking Fed Chair Jerome Powell for not lowering interest rates than exploding at China over a new round of tariffs.

Speaking with host Sandra Smith, Wallace sat and listened as she read off the president's Twitter complaints about economic events beyond his control, including one telling U.S. companies to take their manufacturing business elsewhere.

"We are just all learning of this at the same time, but the best I can tell, the American president can’t order U.S. companies how they’re going to do their sales and where they’re going to have their supply chains," Wallace lectured. "We have a free-market capitalist system."

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‘Alarming gibberish’: Trump mocked for raging impotently against Fed chair and China

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President Donald Trump attacked his own Federal Reserve chairman as an "enemy" of the United States amid his escalating trade war with China -- and other social media users were flabbergasted.

Fed chairman Jerome Powell refused to budge on interest rates, despite heavy pressure by the president in the face of a looming recession, and China retaliated against the tariffs Trump imposed with a new round of their own.

Trump lashed out at Powell, whose name he misspelled, and compared him unfavorably to Chinese leader Xi Jinping.

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