(Bloomberg) Legislation aimed at preventing fraud is delaying U.S. tax refunds and is likely to crimp consumer spending by as much as $21 billion this month, according to Goldman Sachs Group Inc.
The provision in the Protecting Americans from Tax Hikes Act passed by Congress near the end of 2015 will postpone funds remitted to between 25 and 30 million U.S. households (the majority of which are lower- and middle-income) via two federal tax credits until the week of Feb. 27, economist Spencer Hill wrote.
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