...hmmm.... not good
Tax refunds are much smaller so far this year, IRS saysTax refunds so far this year are noticeably smaller than they were at the same time last year, according to early data published by the IRS.
The average refund check so far this year is worth $1,395 as of Feb. 2, about 29% lower compared to the $1,963 average recorded last year. That is based on nearly 2.6 million tax refunds collectively worth about $3.65 billion.
However, the IRS has cautioned taxpayers the average refund amount will likely change in the coming months as more returns are processed.
Americans who expect to receive the earned income tax credit, a tax break for low- to moderate-income workers, or the child tax credit cannot legally receive their refund before mid-February, which could also be distorting the picture.
The decrease in refund size can be concerning to millions of Americans who depend on the influx of money from Uncle Sam to make major purchases, save for retirement or pay off debt. On top of that, millions of taxpayers are still struggling with high inflation, which has sent the cost of staples like food and rent soaring higher.............
https://www.foxbusiness.com/money/tax-refunds-are-much-smaller-so-far-year-irs-says
