First-Year Filings: Tax Cuts Mean More Money in Americans’ Pockets this Tax Season

Due to President Trump’s leadership in the passage of the Working Families Tax Cuts, Americans will see the largest refunds in history this tax-day. The legislation made permanent the reduced income tax rates implemented under the Tax Cuts and Jobs Act (TCJA), restored and strengthened business tax cuts, and increased refunds through added benefits on top of the already low rates.

These new and enhanced provisions include No Taxes on Tips, No Taxes on Overtime, No Taxes on Social Security, No Tax on Car Loan Interest, an Enhanced Child Tax Credit, and an increase in the standard deduction. Countless Americans are taking these deductions, resulting in hundreds if not thousands of dollars per year in extra tax savings.