Consumer Understanding of Tax Code Changes Differs by Income Status

Tax code is confusing for most everyone – consumers included! In 2017, over 66% of consumers were unaware of how the new 2018 tax code would impact their take-home pay. Additionally, while over half of high-income consumers understand the new tax code impacts, 66% of lower-income consumers stated otherwise, indicating a socioeconomic gap in consumer knowledge associated with new tax code policies.

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