HomeFinance NewsPersonal financeUncle Sam's Surprise: Tax Refunds Plunge, Leaving Taxpayers Cash-Strapped!

Uncle Sam’s Surprise: Tax Refunds Plunge, Leaving Taxpayers Cash-Strapped!

  • ORIGINAL NEWS

The average tax refund is almost 29% lower this tax season, according to early IRS data


  • SUMMARY

As of February 2nd, the IRS has issued over 2.6 million tax refunds totaling around $3.65 billion with an average refund of $1,395, a decrease of 29% compared to last year’s average refund of $1,963.

This data, however, is based on only five days of filing compared to twelve days last year, making it too early to draw conclusions about the entire tax season.

Factors such as higher inflation and the refundable portion of the child tax credit and earned income tax credit being available from February 27th onwards could result in larger refunds for certain filers.

Taxpayers are urged to file their returns promptly and not wait for potential changes in tax legislation.


  • NEWS SENTIMENT CHECK
  • Overall sentiment: positive
  • Positive



    “The IRS has issued more than 2.6 million refunds worth roughly $3.65 billion.”

    “With tax season in full swing, the IRS has issued more than 2.6 million refunds worth about $3.65 billion”

    Negative



    “As of Feb. 2, the average refund is $1,395, down about 29% compared to one year prior.”

    “So far, the average refund is $1,395, compared with $1,963 one year ago, which is roughly 29% smaller.”

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