Number of People Expecting Tax Refund This Year Goes Down

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30% out of the same group of respondents said that they expected to owe money, with this group coming from households with $100,000 upwards incomes. The figures are said to indicate an improvement in the economy, with more people owing taxes. Tax foundation’s chief economist, Will McBride, explained that since Americans are earning more it means that they will get less in refunds from the IRS.

About 15% who say that they will owe money expect to pay back using credit cards, while some said that they would make the payments from their savings or checking accounts. 37% of those expecting refunds said that they would pay off debts using the money, while 26% said that they will put the money towards their savings. 28% of those expecting refunds said that they would use the money on family, home improvements or travel. American Express’s spokeswoman, Melanie Backs, explained that most people are now feeling financially confident however, the recession taught most valuable lessons.

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