Tax refunds are down 40% from last year
showing fewer returns filed and smaller refunds issued. While the numbers from the Internal Revenue Service were down, expectations were still high. However, a few weeks later, the data is again raising eyebrows: across the board, fewer taxpayers have filed tax returns and refund numbers remain underwhelming.39,747,000 individual income tax returns. That compares with 41,738,000 individual income tax returns received by the same time last year, a drop of nearly 5%.
And because I know you're wondering: yes, refund numbers tend to be smaller very early in the season. That’s because, by law, the IRS can’t issue refunds to taxpayers who claimed the earned-income tax credit or the additional child tax credit - which tend to produce bigger checks - until February 15. However, that law was in effect last year, too, which means that stats are comparable.
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