PremiumBack on April 16, just as tax season ended, we laid out the good news and the bad news about 2026 refunds. In a nutshell: the number of 2026 refunds was greater than previous years by about 3 million, and while the average refund did come in higher than in 2025, at $350, it was a far cry from the $1000 increase pledged d by the White House as part of Trump's OBBBA.
Goldman Warns Consumer Income, Spending To Slide On Higher Inflation With Tax Refunds Spent
"The recent resilience in spending largely reflects an outsized boost from OBBBA-related tax cuts, and expect that spending headwinds from higher inflation will weigh on spending growth for the rest of the year."
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