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A pamphlet about the new tax laws is displayed at Liberty Tax Service tax in Oakland, California.
If you’re more confused than usual filing your tax return this year, you’re not alone.
The majority of Americans are struggling with some basic concepts of the new U.S. tax code, according to a study by online investment company Betterment, which surveyed 1,000 people last month.
“Not everyone needs to know down to the penny, but not having a general grasp of their income versus their expenses, is a little bit scary,” said Eric Bronnenkant, author of the Betterment report.
What was the biggest misconception following implementation of the Tax Cuts and Jobs Act, the overhaul that passed in December 2017 and went into effect in 2018?
“That everyone’s taxes are going to go down,” said Bronnenkant. “That’s definitely not true.”
Here are four key points Americans might misunderstand about the new tax law.