Treasury: Tax Refunds Match Previous Year

Tax refunds increased by 17 percent last week and are now at the same level as last year, according to Treasury Secretary Steven Mnuchin.

The left and the media have spent the past few weeks arguing that the reduction in tax refunds in the first few weeks of tax filing season meant that families are seeing a tax increase.

This is misleading and wrong. Even if an individual has a lower refund, this is not cause for a concern. A lower refund simply means that the government has been holding less of your money interest-freeĀ over the past year.

In net, the Tax Cuts and Jobs Act is a tax cut for the majority of Americans, including middle class families:

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