New Credit Karma Tax® Study Reveals Americans Could Owe $430 Billion Less in Federal Taxes This Year
Retrieved on:
Thursday, January 24, 2019
Credit Karma Tax, offering a premium tax product that never charges members to file, today announced the results of a new study showing Americans could owe $430 billion less in federal taxes this season as a result of the Tax Cuts and Jobs Act.
Key Points:
- Credit Karma Tax, offering a premium tax product that never charges members to file, today announced the results of a new study showing Americans could owe $430 billion less in federal taxes this season as a result of the Tax Cuts and Jobs Act.
- Further, the data shows Credit Karma members who inputted their data with high credit scores or high incomes could save the most.
- Credit Karma analyzed the data from more than one million of its members to determine that an average user could see a decrease in federal tax liability of $1,821, compared to what it would have been absent tax reform.
- Taxpayers interested in learning about how tax reform could impact their federal tax liability can use the Tax Reform Impact Tool, available to all Credit Karma members in the U.S. By entering a few bits of information, members can quickly see how different aspects of tax reform could impact their federal tax liability and other ways tax reform could affect their 2018 federal taxes.