It’s tax season, which means posts like this one are making the rounds across social media, attempting to help upset taxpayers make sense of why they’ve suddenly found they owe the government money this year. Perhaps you are one of the many taxpayers shocked to find a significantly smaller refund or an unexpectedly large tax bill when filing your return this year. The culprit may be the Tax Cuts and Jobs Act (TCJA), which passed in 2017. With tax misinformation abounding online, it’s important to understand what really changed. What is the Tax Cuts and Jobs Act?The TCJA was the biggest tax code overhaul in 30 years. Supporters (including then-House Speaker Paul Ryan) claimed it would simplify tax filing, grow the economy, and let most Americans keep more of their paychecks throughout the year. Allegedly. Unfortunately, the reality of these sweeping changes was to disproportionately benefit the rich—a reality the

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