TUCSON – According to the U.S. Treasury, most Americans paid less in taxes last year as a result of President Trump’s Tax Cuts and Jobs Act.
But many people are worried they’ll receive a smaller refund this year as a result of those tax cuts.
According to the U.S. Treasury, through the first four weeks of the filing season, the average tax refund in 2019 increased from $2,640 two weeks ago to $3,143 last week.
The average refund at this point in the filing season is 1.3% higher than last year based on nearly 48 million individual tax returns processed so far this year.
Despite the higher refund average, the Treasury says weekly filing data is variable and will continue to fluctuate.
The Treasury also reminds taxpayers that there is a difference between a tax liability and a tax refund.
The size of your refund is a separate issue from whether your taxes have increased or decreased.
According to the U.S. Treasury, most people are benefiting from the Tax Cuts and Jobs Act by receiving larger paychecks throughout the year, instead of tax refunds that result from people overpaying the government throughout the year.