Economist Joann Weiner told Newsweek that 'lots of stimulus benefits and tax credits went away' over the last year, resulting in reduced refund amounts.
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The drop in total tax refunds reflects a 10.6 percent decrease from 2022, which analysts have largely chalked up to the ending of pandemic-related tax credits, like stimulus checks.University, told."Many of those tax credits were refundable, meaning that people could get a refund on their taxes. Eliminating the credits would, thus, eliminate or reduce the amount of the refund."
"For many working families, tax refunds are the biggest one-time windfall of the year. Surveys show most families use that money to pay down debt, make home improvements and pay everyday expenses," he said.
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