The Internal Revenue Service has delivered roughly 53 million tax refunds so far this year, but many taxpayers could be disappointed by the smaller amount.
Jackson Hewitt Tax Service senior vice president Mark Steber explains how Biden's proposed tax hikes could affect returns on 'The Claman Countdown.'coming to an end in just a few weeks, the Internal Revenue Service is reminding taxpayers to brace for a smaller refund this year.
The IRS said that it has issued about 53 million refunds as of March 17, worth a collective $158.1 billion. The average refund check so far this year is worth $2,933 – about 11% lower compared to the $3,305 average recorded last year. 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 the worst inflation bout in a generation that has sent the cost of staples like food, rent and gasoline soaring higher.
That is about 10 percentage points higher than in 2022, when 67% of Americans planned to rely on their refund.
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