Vice President Joe Biden, Treasury Secretary Tim Geithner, and IRS Commissioner Dough Shulman announced on Monday that, in news that will likely be music to the ears of those consolidating debt and short on cash, tax refunds so far this year have increased nearly 10 percent compared to last year’s figures.
Through March 12, IRS data has found the average tax refund for those who have filed to be $3,036, a $266 increase from one year ago. The politicians attributed the larger refunds to many tax incentives being put in place by the American Recovery and Reinvestment Act to help spur spending and improve the economy.
"The Recovery Act is a major factor behind these larger, record refunds. About half of all Americans haven’t filed their taxes yet, so we urge them to look carefully at these Recovery provisions," said Shulman. "Taxpayers should also remember that the fastest, best way to get their tax refund is by filing electronically with direct deposit."
Biden added that many middle-class families who may stand to benefit the most from the added tax incentives should consult government websites outlining the many ways that families or individuals can add to their refund.
According to IRS data, only half of Americans have received their refund so far this tax season, which will last until April 15.