The View From Here©
It is largely reported that people are complaining that their income tax refunds are smaller than in years past. They are looking at the wrong number. They need to look at the number that shows how much of their earnings the government kept.
The term “tax refund” clearly defines that the government is paying back the amount that it over collected. A refund is only a recovery of what is lawfully yours. A tax refund is not a rebate or a discount. It is the result of overpaying your income tax burden.
A smaller refund means two things. First, it means that the wage earner took home more money in each paycheck, during the year, due to a smaller amount being withheld. Second, it means that less of your money was held by the federal government, which was using your money without paying interest.
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