How big is the drop? “The average refund of $1,865 was 8.4 percent smaller than the average refund in the period last year,” Reuters reports, citing figures from the I.R.S. Heather Long of the WaPo adds that the number of people receiving a refund has fallen by nearly 25 percent so far. (The I.R.S. warns not to read too much into the figures, because this is just part of the data — a result of delayed processing due to the government shutdown.)

Why is this happening? It’s not actually a sign that Americans are paying more in taxes. “People generally got a piece of their tax cut last year gradually in the form of lower withholding on their paychecks,” Joseph Rosenberg of the Urban-Brookings Tax Policy Center told the WaPo.

People are angry nonetheless. The WaPo reports: “People have already taken to social media, using the hashtag #GOPTaxScam, to vent their anger. Many blame President Trump and the Republicans for shrinking refunds. Some on Twitter even said they wouldn’t vote for Trump again after seeing their refunds slashed.”

The next unicorns are boring, and that’s O.K.

The last class of tech companies that gained valuations of over $1 billion, including Uber and Airbnb, remade entire industries. Don’t expect the next wave to be nearly as flashy, according to Erin Griffith of the NYT.

Who are they? They have names like Benchling, Checkr and Zola, and many create software for specific industries — including data analysis systems for farmers and background checks for gig workers.

Why aren’t they as exciting as their predecessors? Ms. Griffith points out that Uber, Airbnb and their peers “built global empires by simply taking existing businesses — like taxis, food delivery and hotels — and making them mobile.” Easy opportunities to disrupt traditional businesses have dried up, forcing new companies to find smaller niches.

But don’t underestimate their potential. “Maybe it’s not as sexy as the companies in the first wave,” the venture capitalist Kirsten Green conceded to the NYT. But Anand Sanwal of the data provider CB Insights said they were still growing fast, adding, “If you are one of those high-momentum companies, investors are going to be beating down your door because there is so much interest in investing in the next big winner.”