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Overwithholding Upsets Markets as Tax Plans Backfire
AP analysis by John Cunniff explains how changes in withholding aimed at aligning taxes with reality led to an estimated $8 billion overwithheld this year, with $13.579 billion returned to taxpayers and fears of $24 billion next year. Consumers kept funds, reducing early market stimulus and prompting calls for remedies. The piece notes Arthur Burns proposed bonds refunds to discourage immediate spending.
MENTIONED IN THIS ARTICLE
Treasury
United States
Arthur F. Burns
Federal Reserve Board
Congress