Tax refunds flow into economy far behind last year's pace

Tax refund checks are flowing into pocketbooks — and the overall economy — at a much slower pace so far in February. The Internal Revenue Service reported Thursday that the total dollar amount of tax refunds was down 59.2% through Feb. 19 — just one week after the IRS began processing tax returns on Feb. 12. That’s the latest data available. Nearly $47.4 billion in tax refunds have been issued so far this year, but that’s a far cry from more than $117 billion in federal income tax refunds issued through Feb. 21, 2020. The slowdown reflects the fact that the IRS was not dealing with coronavirus…

Read More

HEDGE accordingly