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U.S. Tax Refunds Plunge 17% as Treasury Ratchets Up Defense

  • Data contain aberrations and may be misleading, Treasury says
  • Direct-deposit refunds decline for the third week in a row
Internal Revenue Service Forms Ahead Of 2017 Income Tax Deadline
Photographer: Daniel Acker/Bloomberg

Average tax refunds are down 17 percent so far in the first filing season under President Donald Trump’s tax overhaul, according to the IRS, prompting the Treasury Department to caution that the data contain aberrations and could be misleading.

Direct-deposit refunds dropped for the third week in a row this filing season to $2,703, from $3,256 a year earlier, for the seven days through Feb. 15, the IRS reported late Friday. The total number of refunds was down 26.5 percent to 23.5 million, it said.