How Tax Refunds Drive the Economy

Unhappy taxpayers may not be the only victims of the winter of tax discontent. Last year the new tax

law made folks feel flush – and automobile sales, a key driver of the U.S. economy, exceeded expectations. This year millions of Americans are expected to receive lower refunds or, worse, owe more to the IRS.

"Without that seasonal bounce," Axios warns, "2019 auto sales may be lower, making a recession more likely."