Americans Are Receiving Much Lower Tax Refunds This Year

  • Americans can expect lower tax returns this year, a phenomenon which comes as inflation and broader economic volatility continue to rattle household finances.
  • The average tax refund amount issued by the IRS is $2,878 this year, according to data from the tax enforcement agency posted earlier this month, which marks a 9.3% decrease from the $3,175 average tax refund seen last year.
  • The total amount of refunds provided to taxpayers likewise fell from $222 billion last year to $199 billion this year.
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