Morning Business Report: Tax refunds rise as markets climb and new child investment accounts announced
The average tax refund is higher so far this filing season, according to Internal Revenue Service data.
(NBC)- The average tax refund is higher so far this filing season, according to Internal Revenue Service data.
As of March 27, the average refund for individual filers is $3,521—up about $350 compared to roughly $3,170 at the same time last year.
The IRS says it has received about 88.4 million individual returns so far, out of approximately 164 million expected ahead of the April 15 deadline.
Meanwhile, the U.S. Department of the Treasury announced that BNY will serve as the designated financial agent for new “Trump Accounts.”
BNY will manage the initial accounts and is partnering with Robinhood to develop the app.
Set to launch July 4, the tax-deferred investment accounts for children will include a one-time $1,000 deposit from the Treasury for kids born between 2025 and 2028. Parents will be able to enroll online.
On Wall Street, markets closed higher Monday.
The Dow Jones Industrial Average finished at a three-week high, while the S&P 500 extended its winning streak to four days.
Economic concerns remain top of mind for many Americans, particularly when it comes to healthcare.
A new poll from Gallup found 61% of Americans worry a great deal about healthcare access and affordability—making it the top domestic issue among those surveyed.
And when it comes to consumer habits, younger Americans appear to have a sweet tooth.
New research shows nearly three-quarters of Gen Z report eating between one and six servings of sweets daily, compared to 57% of baby boomers. The study also found nearly half of millennials are very likely to pick up a sweet treat while shopping for something else.
