Americans are bracing themselves for a Harsh reality this tax season as lower Tax refunds reflect the dire state of The economy under Joe Biden I'm Gary Franchi and news breaks fast make sure You catch it when it does tap subscribe Enable notifications and never miss a Report With tax day having passed on April 18th Americans found their returns with great Trepidation as the Internal Revenue Service released data showing that tax Refunds would be considerably lower this Year the average tax refund issued by The IRS amounts to 2878 Dollars that's a 9.3 percent Decrease from the thirty one hundred Dollars in 2021 the total amount of Refunds has dwindled from 222 billion to 199 billion this is a clear indication Of a failing economy under the current Administration The byte Administration may claim that The new tax laws are intended to provide More benefits to low-income Americans Yet the repercussions of inflation and Their other economic instabilities are Causing the middle class to suffer watch Foreign Yeah Becky and it's just surprising when You look at the total dollar value that That's going to equate for the economy Tax refunds running about 10 below last Year's the average refund this year is
About two thousand nine hundred dollars That's down from 3 200 last year but in Total the IRS has handed out 20 billion Dollars Less in refunds that is the Lowest level in 10 years according to Strategist now analysts saying that 20 Billion dollar drop could add further Downward pressure on the economy Jeffrey's analyst Corey tarlow writing Quote We Believe lower refunds could be A drag on consumer spending Walmart Recently citing lower refund checks as a Possible pressure in its recent investor Day now the main reason for this drop is The end of those special pandemic tax Credits especially the child tax credit Dropping from as high as 3 600 in 2021 To Just 2 000 in 2022 the earned income Tax credit and the Child Independent Care Credit also falling now for many Working Families tax refunds are the Biggest one-time windfall of the Year Survey show most families use that money To pay down debt make Home Improvements And pay everyday expenses so guys it Will be interesting to see on some of These first quarter earnings calls like Home Depot Target Walmart whether this Tax refund issue is going to show up in Earnings at all The byte Administration under the guise Of pandemic relief has implemented Various tax law changes that are not Providing any relief to Americans
They've withdrawn stimulus payments and Other tax benefits which until recently Provided some cushioning to households By revoking these measures the byte Administration has ultimately turned Their backs on the people they claim to Be helping the evidence of advanced Child tax credit has had a severe impact On many families while taxpayers who did Not receive stimulus checks are unable To claim a recovery rebate credit this Has caused a significant drop in the Amount of tax refunds wreaking havoc on Household finances the inflation rate Hit a record high of 5 percent in March Of 2023 according to data from the Bureau of Labor Statistics this marks a Dramatic escalation in the cost of Living for the average American Household the real wages which consider The effect on inflation on nominal pay Increases fell 1.3 year over year as of March 2023 this has resulted in record Pessimism regarding the state of the Economy in our nation the American People are feeling the impact and Increase of inflation as it has become a Significant hurdle to their Financial Security Furthermore current tax laws have Sparked significant concern about more Intense scrutiny for all taxpayers Especially the middle class in recent Years audit rates for Americans earning
Twenty five thousand two hundred Thousand have declined by 76 percent However with the newly enlarged agency The IRS has raised concerns that they Will Implement more intense scrutiny for All taxpayers especially with proposals To increase reporting compliance for Individuals who earn tips or to require Americans to report transactions above 600 made with payment settlement Organizations like PayPal and venmo The middle class is feeling the burden Of the government and it's clear that They cannot afford more interference From federal government in their Financial lives take a look Well Amy if someone venmos you or you Venmo them 600 or more over the course Of a year you'll likely be hearing from The IRS and if the payments you received Aren't for business services be prepared To prove it when you file your taxes Whether you sold an old couch to a Neighbor paid a babysitter or made some Extra cash with a side hustle you may Soon be under greater scrutiny by the IRS in the past things were not as uh Tight but it sounds like the IRS is Tightening up on this all part of Changes made under the American Rescue Plan transactions made on venmo PayPal Or any mobile payment app are now Taxable if payments exceeds six hundred Dollars over the course of a year far
Less than the previous threshold of Twenty thousand dollars and creating Some gray areas when it comes to what is Now considered income there are some Individuals who have a lot of really Expensive clothes and things like in Their closets and if they start selling A bunch of those things it to the IRS it Might start looking like income but if It's just a couple of transactions a Year Um you know I sold a couple of pieces of Furniture or I sold a car or something Like this you could probably get away From it and while repaying your friend After a recent trip to Vegas for example Shouldn't be considered income it could Trigger a 1099 being sent your way Foreign this tax season and the lower Tax refunds issued by the IRS serves as A somber reminder that the bite Administration's economic policies are In total disarray inflation is at a Record high and the middle class is Feeling impacts the most the bid Administration has turned its back on The American people by revoking benefits That provided a buffer to pandemic Related tax breaks to make matters worse The Administration has implemented Various new tax changes that only hurt Taxpayers rather than helping them the Expansion of the IRS raises significant Concerns about their increasing
Interference in the lives of average Americans resulting in more scrutiny and Audits it's time to demand Accountability from Joe Biden and his Administration for their economic Failures and formulate policies that Benefit the middle class rather than Harm them let's continue the Conversation in the comments below for The next News Network I'm Gary franchi Thank you for watching that report you Know there's an epidemic of bad sleep in America an estimated 164 million Americans wake up tossing and turning at Night due to habits such as long work Hours caffeine and stress one study of Over 4 000 adults found that 27 percent Had trouble falling or staying asleep Most nights the problem of poor sleep May be one of the most ignored and Urgent issues of our time now this is a Product I've been using to improve my Sleep I've been using it for a few Months now and I absolutely love it a Great tasting alternative to taking a Handful of supplements on a daily basis This amazing pill contains seven Essential vitamins and minerals Recommended by industry experts after Starting it I've been able to wake up Feeling more energized and clear-headed Keeping my days super productive in General I've been happier and less Fatigued visit
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