I had
already provided a link, but i suppose is par for the course for the reading impaired.
The
average tax refund is down 8 percent this year, meaning that people are paying more tax overall. There is no tax cut for normal people.
It doesn't mean that necessarily
If less taxes were taken out of a person's pay then they overpaid a smaller amount therefore the refund will be smaller
A tax refund is the poorest of all ways to determine the total tax paid as all a refund reflects is the over payment of taxes due.
And it doesn't account for what should be the high-dollar taxes ( at this point ) like capital gains and estate
and all the loopholes around those. If Koch Industries profits $10 billion a year it doesn't matter-- Charles and David can set their income levels low in order to pay less, and have a team of full-time lawyers to pull it off..
It isn't a "loophole". Anyone that does any worth while investing, can take advantage of the lower tax rates on capital gains.
Doesn't matter if you earn $20,000 a year, or $20 Billion a year. Everyone can enjoy the benefits of lower taxes on capital gains.
Moreover, this is what is known as "wise". People that are not greed driven envy filled scum, understand that investment is a benefit to absolutely everyone. Investment is why everything exists. Investment is the defacto driving force behind every economy that exists.
Investment being such an important, if not vital part of every economy, should be supported and promoted, and lowering the taxes on returns from investment is an important part of motivating investment.
Therefore, this is a good thing.
Instead of whining and crying about lower taxes on investment... how about you do some investing yourself.