IRS Reports 2019 Tax Refund Average Has Dropped By Double-Digits

Donald Trump

Donald Trump promised a lot with his Tax Cuts and Jobs Act, but folks are finding their tax refund checks are getting smaller.

The IRS originally reported that tax refunds were averaging about 8% less than last year, but that figure has been revised to more than 16% less.

From Yahoo News:

The size of the average tax refund continues to drop, according to the latest IRS statistics. The IRS has found that Americans filing returns are now likely to see 16.7% less money than they received last year.

According to the data, the average refund size received in 2018 was $3,169 — while this year’s refunds have shrunk to $2,640.

Previous data released by the IRS showed that refunds had dipped by 8% on average. The refund size casts unfavorable light on the Tax Cuts and Jobs Act (TCJA), the Republican tax reform law championed by President Trump. The bill was criticized as an unnecessary win for large corporations and the rich, who saw their tax rates slashed and refunds increase.

Additionally, CBS News reports the number of tax refunds is down 26 percent.

Tax refund checks represent one of the biggest lump sum payments taxpayers get in a year. And as such, the funds usually add a boost to the economy.

With less or no refunds, economists are concerned about how this will play out in the U.S. economy.

Just remember, the Trumpster and multinational corporations will enjoy their own sweet tax cuts.