U.S. Tax Refunds Plunge 17% as Treasury Ratchets Up Defense Saleha Mohsin February 22 2019, 11:28 PM February 23 2019, 9:47 AM
(Bloomberg) -- Average tax refunds are down 17 percent so far in the first filing season under President Donald Trump’s tax overhaul, according to the IRS, prompting the Treasury Department to caution that the data contain aberrations and could be misleading.
Direct-deposit refunds dropped for the third week in a row this filing season to $2,703, from $3,256 a year earlier, for the seven days through Feb. 15, the IRS reported late Friday. The total number of refunds was down 26.5 percent to 23.5 million, it said.
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