Polling shows that many Americans don’t like the landmark tax overhaul passed a year ago, but maybe that’s because they haven’t received a bulk of the benefits yet.
The law cut tax rates for some individuals, but lots of Americans haven’t seen all those savings flow through to their paychecks, according to Wells Fargo & Co. That will be made up during a “historic” refund season early next year, with, for example, a household earning $45,000 a year realizing 70 percent of its tax benefit, the bank said Friday in a research note.
...Home Depot Inc. called out the potential for a robust refund season last month when it reported earnings. The home-improvement chain analyzed the paychecks for 300,000 of its store employees and found that only 1 percent had altered their withholding rate.
“People, when they file their taxes next year, are going to get a nice surprise,” said Carol Tome, Home Depot’s chief financial officer. “It’s good for the economy because they’ll do something with that money.”
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