(Washington, D.C.) — The IRS commissioner has revealed just how much more Americans are getting in refunds following the Working Families Tax Cuts. IRS Commissioner and CEO Frank Bisignano tells lawmakers that four in 10 of the roughly 55 million tax returns filed so far have claimed at least one of the new tax breaks.
When utilizing at least one of the new deductions, filers are receiving refunds that are on average $775 higher . The IRS chief believes that average could climb to $1,000. The $12,500 tax break on overtime has been the most used up until this point, while the $6000 senior bonus has been the largest boost to refunds. Bisignano also says households with adjusted gross incomes below $100K are predominately claiming the new deductions.
