The IRS released statistics Thursday showing that the average refund size in the first five weeks of the filing season was up $22 compared to a similar period last year.
The average refund through March 1 was $3,068, which is 0.7 percent bigger than the average refund of $3,046 through March 2, 2018.
Policymakers have been looking closely at the IRS’s refund data this year, because this is the first time that people are filing their taxes under President Trump’s tax law.
Read more at The Hill.
{Matzav.com}
IRS: Average Tax Refund Up $22 Compared To Last Year
This is a meaningless statistic outside of a larger picture.
Did the average income causing tax liability go up or down?
Assuming the change in tax law would not have taken place but the graduated growth in exemptions and credits that would have otherwise been scheduled taken place what would the refunds have been?
Did this “average” come about because a few millionaires saved millions of dollars and everyone else got nothing/paid more, or the opposite, a few millionaires paid more this year but thousands of average guys in the street got back a lot more than $22?
Etc?