Many Americans Could Get 29% Less in Tax Refunds This Year Compared to Last

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It's tax season.

And the Internal Revenue Service wants taxpayers to know not to expect getting back as much on their refunds this year compared to the prior year.

About 29 percent less, in fact.

That's a sizable amount to lose out on!

The Washington Times reports, "As reported by the Internal Revenue Service, a decrease of 29% in the average refund has been issued compared with last year."

"As per the IRS‘ published statistics until Feb. 2, the average refund stood at $1,395 — a big drop from the average payout of $1,963 recorded at the same point in 2023," the Times noted.

But while the IRS is saying this on one hand...

They are also saying not all hope is lost.

It's confusing. The Times continues, "Despite these early figures reflecting a reduction, the IRS suggests there isn’t cause for concern yet."

More:

The average amount of tax refunds typically fluctuates and is expected to adjust as the tax season progresses. During the same period last year, the IRS had an extra week to process returns due to an earlier start to the tax season, which could partially explain the discrepancy in refund amounts.

Some experts anticipate that refunds might surpass last year’s amounts. Mark Steber, chief tax information officer at Jackson Hewitt, explained to FOX Business that those whose incomes have not exceeded inflation rates stand to fare better in terms of refunds. He said the predicted increase is 'not even voodoo or marketing spin; it’s pretty much just science.'

According to IRS records, the trend of Americans receiving larger rebates has continued annually. Tax refunds represent the return of any excess amount paid to the IRS via paycheck withholdings throughout the year.

These things are true:

Americans pay WAY too much in taxes.

The government spends WAY too much of our tax dollars on things we don't even need or need to be involved in.

And what do we have to show for all this? A $34 trillion national debt. And inflation.

Americans deserve to get far more back than the 29% the IRS predicts might be missing in this year's tax refunds.

It would be nice if we could get rid of the IRS and the federal income tax altogether.