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The total number of returns received also decreased during the first week of the season ending February 1, rising from 18 million to about 16 million until now. This season will be closely monitored to assess the real impact of the tax reform under the leadership of Republicans in 2017, which has resulted in the most radical changes to the tax code in 30 years.
The new rules lowered most individual rates and almost doubled the standard deduction. The legislation also provided for significant tax cuts for businesses, which increased from 35% to 21%, from 21% to 21%.
Some workers saw their net pay rise, after employers started using the new IRS tax deduction charts. But experts said people could benefit from smaller than expected refunds if they did not change the deductions on their paycheck after the changes come into effect. Others saw their tax burden increase because the revised code removed some popular deductions.
