Preliminary estimates by the United States Treasury have suggested that the total of tax refunds paid out this year has been much lower than anticipated, a development which could have a positive impact on the budget deficit situation.
According to Treasury data, as of Monday this week, tax returns were 8%, or $11 billion higher than in 2003. However, this is far less than the $30 billion or so extra that the government was expecting to pay out.
Consequently, with about three-quarters of this year’s tax refunds having been paid, some analysts calculate that this will translate into a significantly reduced budget deficit, possibly to as low as $375 billion from the government’s official estimate of $521 billion.
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