Summary
The IRS has provided millions of Americans with tax refunds this filing season, returning billions of dollars to the economy. By the end of February, the agency had issued about 37 million refunds, amounting to roughly $137 billion. The Working Families Tax Cuts are estimated to benefit individuals by $220 billion.
Key Facts
- The IRS issued tens of millions of tax refunds this season.
- By February 28, the IRS had received over 51 million federal tax returns.
- The agency sent out about 37 million refunds totaling approximately $137 billion.
- IRS chief Frank J. Bisignano shared these figures with the U.S. House Ways and Means Committee.
- The Working Families Tax Cuts program is expected to benefit individuals by $220 billion.
- The average American family will see more benefits than in previous years, according to Bisignano.
