How will a National Emergency impact your Tax Refund in 2019? We will breakdown how it has impacted Tax Refunds in the past.
President Trump declares a National Emergency to have wall built.
“President Trump said he’ll sign the final paper work to declare a national emergency to fund his wall as soon as he gets back to his office — and he’s already anticipating a legal challenge. ” -CNN
We are not going to get into the political side of this debate, we are only going to acknowledge how this could potentially impact your Tax Refunds in 2019.
“Since that first order in 1979, American presidents have declared 58 national emergencies. According to the Brennan Center’s running count, 31 of these are still in effect—including the ban on Iranian property, which was extended in November of 2018. In other words, the country has been in some state of emergency for almost four decades.”
“These 58 national emergencies include declarations over dealings with Yemen, Syria, and North Korea, among others; sanctions against an array of terrorist groups, including one after 9/11; and various orders concerning nuclear weapons, diamonds imported from Sierra Leone, and the 2009 swine flu epidemic. Most recently, George W. Bush declared 13 and Barack Obama 12, most of which are still in effect, according to CNN.”
As for Impact to Tax Refunds, we cannot find an instance where funds were taken from Tax Refund allocation to be used towards a national emergency.
Funds tend to be taken from future budget sources, not previous years taxes. We do not anticipate any impact to 2019 Tax Refunds.
Check out our Refund Schedule for our estimates on your Direct Deposit Date.
Thanks,
-Staff