The IRS release of the 2019 Data Book (fiscal year October 1, 2018 to September 30, 2019) gives us statistical insights into IRS activities for the period. Most interesting is Collection and Refund statistics as they reveal who is paying taxes and who is getting refunds. And when comparing it to the 2018 Data Book (fiscal year October 1, 2017 to September 30, 2018) we see Collections went up and Refunds went down.
COLLECTIONS. In thousands of dollars, from 2018 to 2019, Business-Income Taxes increased $14,315,711 (2019-$277,057,735 less 2018-$262,742,024). Individual and Estate & Trust Income Taxes increased $9,709,515 (2019-$1,981,650,716 less 2018-$1,971,941,201).
REFUNDS. In thousands of dollars, from 2018 to 2019, Business-Income Tax Refunds decreased $8,796,740 (2019-$51,292,326 less 2018-$60,089,066). Individual and Estate & Trust Income Tax Refunds decreased $3,110,941 (2019-$394,591,455 less 2018-$397,702,396).
Did the good economy generate more taxes and tax law changes reduce refunds?
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𝐓𝐡𝐨𝐦𝐚𝐬 𝐉𝐚𝐦𝐞𝐬 𝐂𝐚𝐫𝐫𝐨𝐥𝐥, 𝐏.𝐂. 𝐢𝐬 𝐚 𝐥𝐚𝐰 𝐟𝐢𝐫𝐦 𝐟𝐨𝐜𝐮𝐬𝐢𝐧𝐠 𝐨𝐧 𝐟𝐞𝐝𝐞𝐫𝐚𝐥 𝐚𝐧𝐝 𝐬𝐭𝐚𝐭𝐞 𝐭𝐚𝐱𝐞𝐬 𝐭𝐡𝐚𝐭 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐬 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 𝐰𝐢𝐭𝐡 𝐭𝐚𝐱 𝐡𝐞𝐥𝐩 𝐚𝐧𝐝 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐭𝐨𝐝𝐚𝐲 𝐚𝐧𝐝 𝐭𝐨𝐦𝐨𝐫𝐫𝐨𝐰.
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