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Tax Refunds on the Rise Nationwide
Florida Leads the Way
According to WKRG, as tax time starts a recent study by LendingTree looks at which states give the most money back in tax refunds for 2021. Even though tax refunds went up by 14% all over the country states like Mississippi, Florida, and Alabama. In these states Florida had the highest refunds coming in fourth place with an average tax refund of $5,005. Mississippi followed in 20th place with $4,067, and Alabama was 22nd with $3,986.
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14% Increase Nationwide Tax Refunds: Mississippi, Florida, and Alabama Rank Lower in 2021! (PHOTO: WKRG)
COVID-19 Impact on Tax Refunds
The study found that a few things made tax refunds go up with COVID-19 being a big reason. The pandemic caused a lot of economic problems so the government gave out more tax credits and forgave student loans. Matt Schulz who is the Chief Credit Analyst at LendingTree, said that because of the pandemic and many people losing their jobs, more people ended up in lower tax brackets, meaning they got more tax refund money. A survey showed that 40% of Americans who plan to file their taxes this year expect to get a tax refund. This is more than last year. This shows how important tax refunds are for many people and families. It helps them manage their money better and stay financially secure.
READ ALSO: Marylanders Face Two Challenges: During Budget Struggles, Legislation Targets Food Insecurity And The Grocery Price Crisis
