Most American taxpayers received a higher tax refund in 2004 compared to last year, the IRS announced on Monday, although it also revealed that the total amount of refunds paid out by the government fell below initial estimates.
Following President Bush’s program of tax relief enacted last year, the government anticipated in February that the total amount of tax refunds paid out by the IRS this year would top $195 billion, with the average return $300 higher than would have been the case without the 2003 tax cuts.
However, IRS data shows that refunds increased by a more modest 7% to around $184.28 billion, translating into an average $98 increase in refunds received by taxpayers through April 30 this year.
As a result, the average tax refund stood at $2,063, up from $1,965 in 2003, according to the IRS.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment