Forget Stimulus Checks: 7 Million Americans Are Leaving $15 Billion on the Table

The coronavirus pandemic has had a crushing impact on the economy, and the federal government is working hard to get money into Americans' hands. Yet while nearly everyone waits with bated breath to get their $1,200 stimulus checks from the government, there's been a big drop-off in people tapping into another cherished source of much-needed money: tax refunds.

Tax refunds have traditionally been a huge economic booster for ordinary consumers. Taxpayers received more than $320 billion in tax refunds for the 2018 tax year, with 111.8 million people claiming an average of $2,869 each. That's more than double the amount of the $1,200 stimulus checks Americans are waiting on. Yet one consequence of the extension of time to file 2019 tax returns until July 15 has been that fewer people have received those tax refunds so far this year. Below, we'll look more closely at the figures to see what's happening.

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