The White House had declared that this tax season would be the "largest tax refund season in U.S. history." The administration is on track to achieve that goal, thanks to the Republicans' signature One Big Beautiful Bill Act. The White House projected that the average refund would rise by $1,000 or more this year. So far, the average refund is about $350 higher than last year, falling short of that estimate. By early this month, taxpayers received an average refund of $3,462, which is 11.1% higher compared to the same point last year, according to the IRS. A recent survey conducted by the Bipartisan Policy Center, a Washington think tank that advises on federal policy, found that 62% of respondents believed the tax changes either harmed them or made no difference.
💵 The benefits of the tax law changes may be more evident to Americans who owe taxes than to those who receive refunds. The IRS data on tax refunds this season doesn't account for how much less Americans owed compared to the previous year.
💵 Wealthier filers have received larger benefits from tax changes so far, because the president’s bill raised the cap on state and local tax deductions. Filers can now deduct up to $40,000 for property, sales and income taxes. The deduction primarily aids wealthier Americans with large mortgage payments on their homes.
💵 Filiers' lukewarm response to refunds may partly stem from the extra cash Americans are spending at the pump. This tax season comes as the war with Iran has pushed the average price for a gallon of regular gas in the U.S. well above $4. | 
