Home / United States / Tax refunds are $ 11.5 billion less than our forecasts: UBS

Tax refunds are $ 11.5 billion less than our forecasts: UBS



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.

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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.

52 PICTURES

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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