This podcast episode discussed the 2023 tax refund season in the United States. Compared to last year, the IRS started accepting tax returns a week later in 2024; however, the average refund amount has remained consistent. It is expected that total refunds will be similar to last year despite a 12 percent decrease in the number of refunds issued by the end of February. The tax refund season typically impacts consumer spending in March, with households utilizing their refunds for everyday purchases, debt repayment, and savings. This year, it is anticipated that a higher proportion of refunds will be allocated towards debt repayment due to ongoing economic factors such as inflation and the rising cost of living.
