Affordability is the defining economic challenge for millions of Americans. A recent poll found that 70% of Americans report that the cost of living is no longer affordable where they live, a concern that was highlighted in the most recent elections. From rising housing costs to the grocery aisle to the electricity bill, families are struggling to stay afloat.
This year, however, many households will finally get relief thanks to a new federal policy.
Signed into law this summer, the Working Families Tax Cut will deliver one of the largest tax refunds on record. According to early estimates, the average tax filer will receive more than $3,700, a roughly $1000 increase from previous years. Military families are expected to receive an additional $1,776.
At a time when families’ budgets are stretched thin, this policy is putting real cash into their wallets.