Contact Us

Tax Refunds Sorely Needed [AUDIO]

Close to 60 percent of Americans will have filed their tax returns by the end of this month, according to the National Retail Federation’s 2013 Tax Returns Survey. This most likely isn’t because less people are procrastinating nowadays; they just need the refund.

taxes
Flickr User Images_Of_Money

The survey found nearly two-thirds of consumers are expecting money back.

When asked how they plan to spend their refund, 29.7 percent of respondents said they would use it for everyday expenses like gasoline and groceries. That percentage is slightly higher than last year’s.

“For many Americans and the fact that they’re seeing less money in their monthly paychecks, this tax refund could really go a long way in stretching their dollars,” explained NRF’s Kathy Grannis.

A change in federal tax law at the beginning of the year decreased the take-home pay of many working Americans. The survey found nearly three-quarters of those polled say their spending plans are taking a hit because of the payroll tax change. Nearly half said they will spend less overall.

“About 44 percent of Americans will put their tax refund into savings,” Grannis continued. “It is evident that more people are looking towards their financial future and the stability that they can get from adding a lot more money to their savings.”

NRF President and CEO Matthew Shay said the survey shows consumers and businesses are being negatively affected by a smaller paycheck and other factors.

“We cannot grow the nation’s economy until consumers consume,” he said.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://wobm.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on 92.7 WOBM quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here.

Sign up for an account to comment, share your thoughts, and earn points to get great prizes.

Register on 92.7 WOBM quickly by logging in with your Facebook account. It's just as secure, and no password to remember!