Spring tax refunds generally give the economy a boost as money comes in and people pay off their debts or spend. Economists and analysts therefore pay particular attention to the size of these unexpected gains.
Net Payments to Households Below Expectations of Economists According to New UBS Study, Shortfall of $ 11.5 Billion on Additional $ 20 Billion Expected by Economists vs. the previous year.
42PICTURES
States where Americans pay the highest income taxes
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California
State income tax: 1% to 13.3%
Maine
State income tax: 5.8% to 10.15%
Oregon
State income tax: 5% to 9.9%
Minnesota
State income tax: 5.35% to 9.85%
Iowa
State income tax: 0.36% to 8.98%
New Jersey
State income tax: 1.4% to 8.97%
Vermont
State income tax: 3.55% to 8.95%
Washington DC
State income tax: 4% to 8.95%
New York
State income tax: 4% to 8.82%
Hawaii
State income tax: 1.4% to 8.25%
Wisconsin
State income tax: 4% to 7.65%
Idaho
State income tax: 1.6% to 7.4%
Caroline from the south
State income tax: 0% to 7%
Connecticut
State income tax: 3% to 6.99%
Arkansas
State income tax: 0.9% to 6.9%
Montana
State income tax: 1% to 6.9%
Nebraska
State income tax: 2.46% to 6.84%
Delaware
State income tax: 2.2% to 6.6%
West Virginia
State income tax: 3% to 6.5%
Georgia
State income tax: 1% to 6%
Kentucky
State income tax: 2% to 6%
Louisiana
State income tax: 2% to 6%
Missouri
State income tax: 1.5% to 6%
Rhode Island
State income tax: 3.75% to 5.99%
Maryland
State income tax: 2% to 5.75%
North Carolina
State income tax: 5.75%
Virginia
State income tax: 2% to 5.75%
Oklahoma
State income tax: 0.5% to 5.25%
Massachusetts
State income tax: 5.1%
Alabama
State income tax: 2% to 5%
Mississippi
State income tax: 3% to 5%
Utah
State income tax: 5%
Ohio
State income tax: 0.495% to 4.997%
New Mexico
State income tax: 1.7% to 4.9%
Colorado
State income tax: 4.63%
Kansas
State income tax: 2.7% to 4.6%
Arizona
State income tax: 2.59% to 4.54%
Michigan
State income tax: 4.25%
Illinois
State income tax: 3.75%
Indiana
State income tax: 3.3%
Pennsylvania
State income tax: 3.07%
North Dakota
State income tax: 1.1% to 2.9%
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According to the latest figures from the IRS, 27 million returns were processed and the average refund is $ 1,949, down 8.7% from last year.
It is still relatively early in the repayment season, but UBS noted that if this continues, it would have a "significant effect" on its first quarter forecast. Economists, "hesitantly", are maintaining their forecasts for the additional $ 20 billion paid to households compared to last year at the end of May.
52PICTURES
Average tax refund in each US state
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Texas
Average refund: $ 3,206
Number of refunds: 10,087,693
Total income tax refunded: $ 32.3 billion
Louisiana
Average refund: $ 3,115
Number of refunds: 1,611,412
Total income tax refunded: $ 5 billion
Connecticut
Average refund: $ 3,099
Number of refunds: 1,396,609
Total income tax refunded: $ 4.3 billion
Oklahoma
Average refund: $ 3,098
Number of refunds: 1,300,577
Total income tax refunded: $ 4 billion
New York
Average refund: $ 3,059
Number of refunds: 7,712,210
Total income tax refunded: $ 23.6 billion
New Jersey
Average refund: $ 3,013
Number of refunds: 3,479,321
Total income tax refunded: $ 10.5 billion
Wyoming
Average refund: $ 2,989
Number of refunds: 214,649
Total income tax refunded: $ 641.6 million
North Dakota
Average refund: $ 2,983
Number of refunds: 277.422
Total income tax refunded: $ 827.4 million
Florida
Average refund: $ 2,933
Number of refunds: 7,854,538
Total income tax refunded: $ 23 billion
Mississippi
Average refund: $ 2,922
Number of refunds: 1,018,429
Total income tax refunded: $ 2.97 billion
California
Average refund: $ 2,911
Number of refunds: 13,594,703
Total income tax refunded: $ 39.5 billion
Washington DC.
Average refund: $ 2,900
Number of refunds: 277.399
Total income tax refunded: $ 804.5 million
Illinois
Average refund: $ 2,900
Number of refunds: 4,973,653
Total income tax refunded: $ 14.4 billion
Maryland
Average refund: $ 2,861
Number of refunds: 2,329,288
Total income tax refunded: $ 6.7 billion
Massachusetts
Average refund: $ 2,850
Number of refunds: 2,704,250
Total income tax refunded: $ 7.7 billion
Alaska
Average refund: $ 2,843
Number of refunds: 276.887
Total income tax refunded: $ 787 million
Nevada
Average refund: $ 2,830
Number of refunds: 1,111,952
Total income tax refunded: $ 3 billion
Georgia
Average refund: $ 2,832
Number of refunds: 3606774
Total income tax refunded: $ 10.2 billion
Alabama
Average refund: $ 2,802
Number of refunds: 1,650,125
Total income tax refunded: $ 4.6 billion
Virginia
Average refund: $ 2,771
Number of refunds: 3129030
Total income tax refunded: $ 8.7 billion
Arkansas
Average refund: $ 2,759
Number of refunds: 989 288
Total income tax refunded: 2.7 billion dollars
Tennessee
Average refund: $ 2,726
Number of refunds: 2,465,816
Total income tax refunded: $ 6.7 billion
Utah
Average refund: $ 2,681
Number of refunds: 1 033 141
Total income tax refunded: $ 2.8 billion
Washington
Average refund: $ 2,681
Number of refunds: 2,749,362
Total income tax refunded: $ 7.4 billion
Arizona
Average refund: $ 2,672
Number of refunds: 2,244,925
Total income tax refunded: $ 6 billion
Kansas
Average refund: $ 2,665
Number of refunds: 1,044,275
Total income tax refunded: $ 2.8 billion
New Mexico
Average refund: $ 2,657
Number of refunds: 724.549
Total income tax refunded: $ 1.9 billion
South Dakota
Average refund: $ 2,651
Number of refunds: 321.372
Total income tax refunded: $ 852 million
West Virginia
Average refund: $ 2,649
Number of refunds: 649,049
Total income tax refunded: $ 1.7 billion
Kentucky
Average refund: $ 2,648
Number of refunds: 1,590,274
Total income tax refunded: $ 4.2 billion
Delaware
Average refund: $ 2,648
Number of refunds: 365,749
Total income tax refunded: $ 968.4 million
Rhode Island
Average refund: $ 2,643
Number of refunds: 436.490
Total income tax refunded: $ 1.1 billion
Pennsylvania
Average refund: $ 2,643
Number of refunds: 5,071,264
Total income tax refunded: $ 13.4 billion
Colorado
Average refund: $ 2,636
Number of refunds: 2,014,233
Total income tax refunded: $ 5.3 billion
North Carolina
Average refund: $ 2,629
Number of refunds: 3,580,471
Total income tax refunded: $ 9.4 billion
Nebraska
Average refund: $ 2,615
Number of refunds: 711103
Total income tax refunded: $ 1.8 billion
Indiana
Average refund: $ 2,612
Number of refunds: 2,577,994
Total income tax refunded: $ 6.7 billion
Iowa
Average refund: $ 2,602
Number of refunds: 1 141 151
Total income tax refunded: $ 3 billion
New Hampshire
Average refund: $ 2,602
Number of refunds: 558359
Total income tax refunded: $ 1.4 billion
Missouri
Average refund: $ 2,601
Number of refunds: 2,220,029
Total income tax refunded: $ 5.7 billion
Caroline from the south
Average refund: $ 2,569
Number of refunds: 1,719,299
Total income tax refunded: $ 4.4 billion
Hawaii
Average refund: $ 2,564
Number of refunds: 535,763
Total income tax refunded: $ 1.4 billion
Michigan
Average refund: $ 2,560
Number of refunds: 3,776,668
Total income tax refunded: $ 9.7 billion
Ohio
Average refund: $ 2,517
Number of refunds: 4,570,589
Total income tax refunded: $ 11.5 billion
Minnesota
Average refund: $ 2,516
Number of refunds: 2,112,212
Total income tax refunded: $ 5.3 billion
Idaho
Average refund: $ 2,457
Number of refunds: 561.133
Total income tax refunded: $ 1.4 billion
Wisconsin
Average refund: $ 2,436
Number of refunds: 2236886
Total income tax refunded: $ 5.4 billion
Montana
Average refund: $ 2,401
Number of refunds: 372,817
Total income tax refunded: $ 895 million
Oregon
Average refund: $ 2,398
Number of refunds: 1,431,924
Total income tax refunded: $ 3.4 billion
Vermont
Average refund: $ 2,392
Number of refunds: 254,192
Total income tax refunded: $ 608 million
Maine
Average refund: $ 2,336
Number of refunds: 509 896
Total income tax refunded: $ 1.2 billion
Average tax refund by state
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Once again, UBS repeated its motto for the 2019 tax season: "No one – neither us, nor the other economists, nor the US government – knows if the repayments will be larger or smaller than those of previous years. "
Many bank economists, such as UBS and Merrill Lynch, expected tax refunds to be particularly significant, given the changes to the tax code. For example, Merrill Lynch predicted that repayments would be 26% higher this year.
Unfortunately, the changes made to the IRS's restraint tables were not aggressive enough and the repayments are down. While withholding errors are an important factor in lowering repayments, changes to national and local tax deductions have created many unpleasant surprises for families. Nevertheless, the total number of taxes paid by families should be lower given the changes in the law, a point recently underscored by Senator Chuck Grassley (R-Iowa).
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