Increase in Tax Refunds in the USA: How Will It Affect the Economy?

According to the latest data provided by the Internal Revenue Service (IRS), Americans are currently receiving tax refunds that are larger than last year. So far, the number of refunds has increased by 4.7% compared to the same period last year, which is linked to the improving financial situation of many citizens and the opportunity to take advantage of several tax benefits, such as an increased standard deduction and more generous tax credits for families with children.

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