If you're depending on a tax refund this year to pay loans, make a down payment on a car or take a vacation, you might be out of luck.
According to the IRS, average refunds have been lower compared last year. If the trend continues, many Americans will end up with a smaller refund or worse — they may owe the government. Residents in high-tax states, like New York and New Jersey could see a bigger swing because President Trump's tax code overhaul capped deductions for state and local taxes.
But it doesn't mean people paid more taxes overall. The amount the IRS withheld from each paycheck was lower, so many people had a little more money each time they got paid. But it's a big change for those Americans who've become accustomed to pocketing some extra cash during tax season.
On this episode of Money Talking, Charlie Herman talks to Heather Long, economics correspondent for The Washington Post, about why this is happening and the political consequences it might have.

Tax Season Shocker

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The largest fast-food company in the world -- with about 24,000 stores -- was once known for its rapid expansion mindset. Now, Subway is closing stores faster than ever and pushing out franchise owners in the process.
In a recent report by the New York Times, franchisees across the country said that seemingly tiny violations, like cucumbers cut too thick and smudges on glass doors, have cost them their businesses. And when they try appeal to Subway's corporate leadership? They rarely get a response.  
This week on Money Talking, guest host Ilya Marritz talks to Tiffany Hsu, a business reporter at the New York Times who co-reported the piece, about how Subway's efforts to scale back have impacted franchisees.

Subway’s franchisees allege corporate mismanagement

Next week marks fifty years since Neil Armstrong took “one small step” on the moon’s surface. The Apollo 11 mission was an historic voyage, fulfilling President John F. Kennedy’s goal of reaching the moon by the end of the 1960s. More than half a billion people watched the astronauts live on television. But in the years that followed, America’s interest and commitment to space exploration largely disappeared. 
Yet the country’s ambitions in space are far from over. In March of this year, Vice President Mike Pence expressed a renewed sense of urgency. 
“Make no mistake about it — we're in a space race today, just as we were in the 1960s, and the stakes are even higher,” he told attendees at a meeting of the National Space Council in Alabama.
At the same meeting, Pence presented a new timeline for landing humans on the moon again: Within the next five years, four years sooner than the administration's initial timeline of 2028, leaving some to wonder if a new space race could be on the horizon.  
This week on Money Talking, Charlie Herman talks to Tim Fernholz, a reporter at Quartz covering space and author of Rocket Billionaires: Elon Musk, Jeff Bezos and the New Psace Race, about the latest chapter of space exploration.

Is a New Space Race on the Horizon?

This weekend marks the 50th anniversary of the Stonewall Riots and the birth of the modern gay rights movement in this country. Over the intervening years as attitudes towards LGBTQ people have changed, corporate America has taken note. Whether it's McDonald's selling special-edition “Pride Fries” or Walmart’s (online) Pride Shop, companies have very publicly been displaying support for the community over the last few years. 
It’s a dramatic shift from the days of Anita Bryant and Florida orange juice or companies like Wendy’s pulling their advertisements after Ellen came out on her sitcom. The greater acceptance of the LGBTQ community has presented an opportunity for businesses. While some take issue with companies commercializing this weekend's pride events, it’s hard to ignore how much mainstream businesses have embraced LGBTQ culture and consumers. 
This week on Money Talking, Charlie Herman talks to Jim Ellis, assistant managing editor at Bloomberg Businessweek, about the business of pride past, present, and future.

From Wall Street to Walmart, Businesses Embrace Pride

How a little known group of business leaders is influencing the administration's policies on trade, business and the economy.

Business Leaders Find A Friend in Trump

Since its opening in 1907, the story of the hotel has been the story of New York: a history littered with colorful guests, financial uncertainty, and a controversial transformation.

Tax Season Shocker

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