Trump Aims Tax Cuts as Top Priority: A Fresh Perspective
Anticipated 2025 Tax Filing: A Undertaking of Early Returns Analysis for the Current Tax Year
Hit the ground running, folks! With Trump in the driver's seat, tax cuts are taking center stage.
Guess what? The Internal Revenue Service (IRS) has some mind-blowing figures to share about this tax season so far.
The average tax refund, according to the IRS, has seen a delightful 3.3% increase, surging from $2,852 to $2,945 compared to last year. Despite this jump, the total amount refunded has only grown by a more modest 2%, rising from $260 billion to $265 billion.
Interestingly, the total number of tax refunds issued by the IRS has dipped by 1.3% this season, going from 91.3 million to 90.2 million.
IRS: WE'RE MORE EFFICIENT THIS YEAR, REVENUES UP BY 5%
But here's the kicker - despite a dip in the number of refunds, the IRS data indicates that their game is tightening up. The average tax refund is larger than last year, but fewer refunds have been handed out.
Most refunds were direct deposited, with a whopping 84.8 million of the 90.2 million being deposited directly into taxpayers' accounts. This percentage remained almost unchanged from last year, rising by a meager 0.1%. The total amount refunded jumped by 2.8%, while the average direct deposit amount rose by a similar rate of 2.7%.
ABOUT 20,000 IRS WORKERS MAY TAKE BUYOUT OFFER
The IRS reported a 0.9% rise in the number of tax returns received this year, surging above 142.5 million. The number of returns processed by the IRS also saw a 1.4% hike from last year, reaching over 140.2 million.
The taxpayers were split between filing self-prepared returns and those prepared by tax professionals. Nearly 73.5 million returns were e-filed by tax professionals, marking a 1.7% increase from last year, while there were almost 64.1 million self-prepared returns, posting a 0.9% increase from last year.
In the coming days, the IRS plans to usher in President Trump's tax agenda, aiming to bring it to a successful conclusion with the help of House and Senate Republicans. The aim? To continue putting more money back into the pockets of hardworking Americans.
Deputy Treasury Secretary and Acting IRS Commissioner Michael Faulkender shared that the agency is dedicated to making the Treasury efficient, emphasizing that their efforts toward tax reform are not just lip service. The data backs their commitment to ensuring the IRS works for the American people, not against them.
Keep your eyes peeled on Fox Business for more updates on this developing story!
- Trump's tax cuts are the top priority as the new administration takes charge, aiming to return more funds to American households.
- The Internal Revenue Service (IRS) has reported a 3.3% increase in the average tax refund this season, but the total amount refunded has only grown by 2%.
- Despite a decrease in the total number of tax refunds issued by the IRS, the average refund size has increased, indicating greater efficiency in the agency's operations.
- The IRS processed 1.4% more tax returns this year compared to last, and about 84.8 million refunds were directly deposited into taxpayers' accounts, with an increase of 2.8% in the total amount refunded through direct deposits.
- The IRS plans to implement President Trump's tax agenda with the help of House and Senate Republicans, with the goal of continuing to boost the economy by putting more money back into the pockets of hardworking Americans.
- Deputy Treasury Secretary and Acting IRS Commissioner Michael Faulkender has emphasized the agency's commitment to making the Treasury more efficient, ensuring that the IRS works for the American people and not against them. Keep tuned to Fox Business for the latest updates on this evolving news story relating to politics, finance, and business.
