Feeling the pinch you didn’t expect with your tax refund? You’re not alone. The average refund on tax returns so far this year is down about eight percent according to data released by the IRS. How bad is it? Refunds are averaging about 19-hundred dollars this year. At the same point last year it was more than two-thousand dollars.
Why all the shellshock? This is the first year that the Republican-led tax overhaul of 2017 is impacting returns. There could be many reasons for smaller returns, for example workers decreased the amount of money they have withheld. The average American taxpayer received a refund of about 27-hundred dollars last year. Of course some people immediately blamed president Trump and expressed their disappointment on social media.