Some new data on where the cuts went: Taxpayers earning $250,000 to $500,000 were refunded $14.6 billion this year versus $10.6 billion last year
New data from the Internal Revenue Service estimates that people making between $250,000 and $1 million per year saw their refunds increase, according to new IRS statistics.
Meanwhile, taxpayers making between $100,000 and $200,000 were refunded $44.1 billion this year, down $49.7 billion a year earlier. With some exceptions, refunds were slightly lower this year for earners making less than $100,000. Furthermore, the law’s supporters emphasize Americans are getting taxed less. The total liability for individual taxpayers this year was $1.048 trillion, according to the IRS data. It was $1.113 trillion a year earlier.The latest IRS data runs through May 23, but the agency has anticipated a record 14.6 million extension requests. Many extensions come from high-income taxpayers with complicated tax situations, said Mark Mazur of the Urban-Brookings Tax Policy Center.
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