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Most Americans Expect a Tax Refund in 2018 - And That's Not a Good Thing

Source: https://finance.yahoo.com/news/most-americans-expect-tax-refund-114900649.html - Dec 11, 2017

If there's one thing pretty much all Americans can agree on, it's that taxes are a major burden. Not only does losing a portion of our income constitute a harsh blow, but the process of filing taxes can be downright stressful.

But filing hassles aside, perhaps the most significant problem with taxes is that the bulk of filers overpay them year after year. It's estimated that roughly 80% of taxpayers get some sort of refund annually, and 2017 was no exception. This year, the IRS issued over $302 billion in refunds on 2016 tax returns, at an average of $2,782 per tax filer. And 62% of taxpayers expect that come 2018, they'll receive some sort of refund on their 2017 returns.

Category: General Business