Average Tax Refund Down 16.7% So Far, IRS Data Show
Bill Forsythe, a 57-year-old hospital radiologic technologist in San Jose, plugged his and his wife’s financial information into TurboTax this month and, like many Americans filing early this year, was shocked at the bottom line.
After a sweeping Republican law went into effect with promises of lower taxes for just about everyone, the couple owed about $9,000 in federal and state taxes. Last year, they got a $6,000 tax refund on roughly the same income.
“I’m very frustrated and exasperated and angry that this government seems to have changed things for the worse considerably,” Forsythe said.
The couple’s case is far from unusual.
The average tax refund so far has shrunk to $2,640 from $3,169 at the same point last year, according to Internal Revenue Service data through Feb. 15 that were released late Friday. That’s a 16.7% drop.
Read the full story on LATimes.com.