Americans are in for a surprise as the government begins disbursing tax refunds this year. Uncle Sam is doling out less money than usual.
While the average refund amount has risen slightly by $22 on average, 2 million fewer refunds were issued compared to 2018, per the first five weeks of data available from the Internal Revenue Service. In total, the amount refunded fell 3.5% to $142.4 billion from $147.6 billion during the same period last year.
Despite this dip, the Tax Cut and Jobs Act of 2017—President Donald Trump’s signature legislative triumph to date—is expected to benefit the vast majority of Americans.