TaxWatch: IRS data: Rich Americans received bigger tax refunds under Trump’s new tax law

New data from the Internal Revenue Service estimates that people making between $250,000 and $1 million per year saw their refunds increase, according to new IRS statistics.

As of late May, the federal government had refunded taxpayers $306 billion for their overpayments in the first year the Tax Cuts and Jobs Act took effect, up from $311 billion in refunds at the same time last year.

Taxpayers earning $250,000 to $500,000 were refunded $14.6 billion this year versus $10.6 billion last year.

Despite that drop, taxpayers with adjusted annual gross incomes between $250,000 and $500,000 were refunded $14.6 billion this year, compared to $10.6 billion last year.

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