Richard Rubin
speaker
1,496 appearances
29 recordings
1 series
first heard Oct 2017
last heard Jan 2024
Richard Rubin’s voice in public audio — every appearance, attributed to the second.
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Appearances
The refund is essentially you and the IRS settling up at the end of the year and saying, OK, here's what you paid during the course of 2018.
Here's what you owe.
And then what the sort of ultimate reckoning is, how much you get back.
Most people do get refunds.
That's right.
So starting about February of 2018, paychecks got a little bit larger for most people, and some people went in and adjusted their withholding.
to line up exactly how much they were going to get as a refund versus how much they were going to have taken out of their paychecks.
But most people probably didn't do that and just took the extra 20, 30, 40, 50 bucks, whatever it was, depending on your income, in additional lower taxes withheld, which means additional dollars in your pocket.
And so for a lot of people, you've gotten all or a big chunk of the tax cut already.
And so
you'll get maybe a bit more as part of your refund than you would normally get, but you won't get all of the tax cut as part of your refund.
Yeah.
I mean, you can have situations where people could have gotten a tax increase and ended up with a larger refund because they paid more over the course of the year.
You could have situations where people have
big tax cut and then a smaller refund than they're used to.
And so in many ways, this refund season may shape people's perceptions of what the tax law did, but that may or may not bear relationship to what the tax law actually did.
And two thirds of households got tax cuts because of the law.
They will pay less in federal income taxes than they would have under the old system.
And only about 6% will pay more than they would have under the old system.
But people have their perceptions and perceive things based on refund size, based on deductions they may not be able to claim.
Showing 1321–1340 of 1,496 · page 67 of 75
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