Is A Smaller Tax Refund Actually A Good Thing?
A lot of people are seeing their tax refunds shrink in 2019, but the Treasury Department says a smaller refund is actually a good thing. One Treasury official credits the…
CHICAGO – NOVEMBER 1: Current federal tax forms are distributed at the offices of the Internal Revenue Service November 1, 2005 in Chicago, Illinois. A presidential panel today recommended a complete overhaul of virtually every tax law for individuals and businesses. (Photo Illustration by Scott Olson/Getty Images)
Photo Illustration by Scott Olson/Getty ImagesA lot of people are seeing their tax refunds shrink in 2019, but the Treasury Department says a smaller refund is actually a good thing.
One Treasury official credits the smaller refunds to last year's tax cuts, saying that most workers saw larger paychecks throughout the year, and that smaller refunds mean people aren't 'overpaying the government'.
On average, tax refunds are down about 8.7% this year. The Department says 80 percent of taxpayers will owe less this year than the year before.
What about you - was your refund lower this year?
