Tax Refunds Down Nearly 9 Percent Vs Year Ago: Irs Data

WASHINGTON — The average tax refund under President Donald Trump’s tax change is down nearly 9 percent so far in this year’s tax filing season, according to Internal Revenue Service data released on Thursday.Data covering the first 12 days of the new tax season showed an average refund of $1,949 for the 2018 tax year, when the tax cuts for businesses and individuals took effect.That is 8.7 percent lower than the $2,135 average from a year earlier.Last week, IRS data showed average refunds running 8.4 percent lower.The tax cuts have been widely criticized by Democrats and analysts who say the changes favor corporations and the wealthy over middle-class and lower-income Americans.But the U.S.