Upwards of $310 billion have been paid out by the Internal Revenue Service this spring, with the annual return roughly 11% greater than checks that were approved last year at the same time.
As reported by the IRS, upwards of 42% of all filers, representing 60 million people, have received refunds this year, with 34 million people claiming an average $7,500 Social Security deduction.
In a press release issued from the offices of Jason Smith, the Missouri Republican chairman of the House Ways and Means Committee, the refunds were described as giving “family budgets an immediate boost,” and helping to spur “stronger economic growth.”
The tax cuts making such refunds possible, continued Smith, “should encourage Congress to continue looking for similar ways to raise wages and lower costs to provide real relief.”
Upwards of 7 million people did not pay taxes this year on tips, while another 28 million paid no taxes on overtime compensation.
In a statement, Treasury Secretary Scott Bessent remarked that “from the shop floor to the kitchen table, taxpayers are feeling the difference of the largest tax cuts in our nation’s history.”
According to the IRS, this year’s average tax refund was up to $3,300 over the $3,100 recorded two years ago. The average refund came in at just under $2,800 in 2015 and $2,100 in 2005.
May 15, 2026
By Garry Boulard
Image courtesy of Department of the Treasury
