The Internal Revenue Service (IRS) has refunded approximately $172 billion to taxpayers this year, which is $16.4 billion less than in 2022, according to the agency’s latest data.
The average refund per person is $2,903, which is $360 less than last year.
Ted Rossman, senior industry analyst at Bankrate, warns that the lower refunds may have a dramatic effect on household budgets, as many households rely on these refunds.
Although the lower refunds may help in reducing inflation by causing households to curb spending, the lower-dollar checks may put many households into further financial distress, especially given the ongoing inflation.
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