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Economy News

The Economic Times

Economy / The Economic Times

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More money back: New deductions drive surge in tax refunds across the US

US tax refunds surge in 2026, confirmed by Internal Revenue Service data. Average refunds jump nearly 11% year-over-year nationwide. Millions file early before the April tax deadline. New deductions on tips and overtime boost refund amounts significantly. Senior tax benefits increase returns for retirees and fixed-income households. Higher standard deductions reduce taxable income across filers. Over $160 billion already returned into US households. Experts expect stronger retail spending as refund cash lifts confidence.

3 Apr 2026 5:40 pm