In what may come as disappointing news to many Americans, the Internal Revenue Service (IRS) has released its latest report on tax filing data, and the numbers are in. The report has revealed that taxpayers across the country are receiving significantly lower tax refunds this year compared to last year. The culprit behind this unfortunate turn of events is none other than President Joe Biden.

According to the latest data from the IRS, the current average refund amount that Americans are receiving this year is $1,997. This number marks a staggering 14 percent drop from the average refund amount of $2,323 that taxpayers received last year. This news is bound to come as a shock to those who were expecting a similar refund this year.

The Biden administration has been pushing for a number of policy changes, including a massive $1.9 trillion stimulus package, that have put an undue burden on American taxpayers. Tax experts have been warning for months that the policies being implemented by the Biden administration would result in smaller refunds for many taxpayers, and unfortunately, those predictions have come true.

One of the main reasons for the decrease in refunds is the increase in taxes under the Biden administration. President Biden has made it clear that he intends to raise taxes on corporations and the wealthy, and these tax increases are already being felt by many Americans. This has led to a decrease in take-home pay for many workers, which means that less money is being held back for taxes, resulting in a smaller refund at tax time.

In addition to the tax increases, the Biden administration has also implemented a number of policy changes that have eliminated or limited many deductions that taxpayers were used to claiming. For example, the deduction for state and local taxes has been limited, which means that some taxpayers who used to get a larger refund based on these deductions may see a smaller refund this year.

Both tax experts and the IRS had predicted a decrease in tax refunds this year, largely due to the actions taken by the Biden Administration. The IRS had warned taxpayers about the possible reduction in refunds due to the changes in the tax code brought about by the Tax Cuts and Jobs Act (TCJA) passed in 2017. The new law aimed to simplify the tax code and lower tax rates for individuals and businesses.

However, the changes also meant that taxpayers might see a smaller refund or even owe more money to the government, despite the tax rate reduction. The IRS has repeatedly advised taxpayers to review their withholding amounts to ensure they are not overpaying their taxes throughout the year.

According to tax experts, there are several reasons why taxpayers are receiving lower refunds this year. One of the main reasons is the changes in the tax code. The TCJA reduced the amount of federal income tax withheld from paychecks, resulting in taxpayers seeing more money in their paychecks throughout the year. However, this also means that the amount of money taxpayers could claim as a refund has decreased.

Another factor contributing to the lower refund amount is the changes in the standard deduction. The TCJA nearly doubled the standard deduction, making it more attractive for taxpayers to claim it rather than itemize their deductions. This change means that taxpayers who used to itemize their deductions might not have enough deductible expenses to claim a refund this year.

The IRS has been warning taxpayers about the potential for smaller refunds for months, but unfortunately, the policies being implemented by the Biden administration have made this situation even worse. Many hard-working Americans are struggling to make ends meet, and a smaller refund at tax time will only make things more difficult for them.

Despite the lower refund amounts, taxpayers are reminded that they still have time to file their taxes before the April 15 deadline. Taxpayers are also advised to check their withholding amounts to ensure they are not overpaying their taxes and to seek the advice of a tax professional if they have any questions.

While the news of lower refunds may come as a shock to many, taxpayers are reminded that the changes in the tax code were designed to simplify the process and lower tax rates for individuals and businesses. As always, taxpayers are encouraged to review their finances and take steps to ensure they are making the most of their tax returns.