On Thursday, the US Treasury Secretary said, so far, tax refunds for Americans compared to the same period of 2018 are still the same.
The average reimbursement made up until now to date for fees is $ 3,068, or 0.7 percent higher than a year earlier. According to previously published Treasury data, it has been shown that the government has reimbursed 142.4 billion dollars for taxpayers this year, until March 1, down 3.5 percent from the previous year.
For some US annual tax deductions is a noticeable interaction with the fiscal code. While tax rates have dropped for most households and have improved their financial situation.
Many Americans pay more taxes than debts over the course of the year. If they were able to assess exactly what they owed and instructed employers to keep this alone, they would not receive reimbursement at the end of the tax year.Mnuchin said reimbursements should actually fall when tax liabilities fall.
“Because the taxes are below the refunds must be down,” Mnuchin said. Referring to the tax law passed last year, Mnuchin added: “The fact that refunds are the same means essentially that people did not adjust the retention sufficient to benefit from the tax act “./Investing.com