Tax Refunds on the Rise: IRS Sends Bigger Checks to Americans Amidst Tough Economic Times
Tax Refunds Surge as IRS Adjusts for Inflation
CBS News -Many of Americans as tax season rolls around – the IRS is sending out bigger refunds compared to last year. On average, tax refunds are up by 4% from this time last year with the typical refund standing at $3,213 as of February 23. This boost comes after a tough year for many households who saw smaller refunds due to the expiration of pandemic benefits.
The increase in refunds is thanks to the IRS adjusting tax provisions for inflation, including raising the standard deduction and tax brackets by 7% for the 2023 tax year. This means workers struggling with last years high inflation may see refunds up to 10% larger. While the refunds are helping many Americans, they still have not reached the levels seen two years ago when pandemic benefits like the expanded child tax credit were in place.
READ ALSO: Kentucky’s SNAP Reduction Plan Under Scrutiny – Impacting Thousands!
2024 Tax Refund: Anticipated Average Amount Revealed – A Boost For American Taxpayers! (PHOTO: Fox Business)
Tax Refunds: A Catalyst for Economic Stimulus and Consumer Spending
Tax refunds are not just good news for individuals they also give a much-needed boost to the economy. Many people rely on their refunds to make big purchases like cars or home renovations. Despite the positive trend, it is still early in the tax season, so the typical refund could change in the coming weeks before the April 15 filing deadline.
