Quoted from Reality_Studio:So even the IRS themselves are saying that the average refund has dropped.
"refund" and "taxes" are not the same conversation. "refunds are down" is a discussion around how close pre-payments were to actual taxes owed - and not necessarily a discussion on if people's tax liability went up or down.
But the masses have a hard time differentiating between pre-payment and what your actual tax owed is.
For many, in the middle of the curve of complexity.. their taxes owed should be down and their taxes easier to compute. But those with higher local taxes, and higher incomes (say.. 150ish and up) they stand to probably be net negative of the changes.
People need to look at their actual effective tax rate and compare to prior years... not simply 'what my refund was'.
