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
But there's all sorts of pieces that go into this.
It's not just what deductions you can claim, but the rates are lower.
The child tax credit is bigger.
And so all of those things weigh against each other.
as you're calculating your taxes and figuring out whether you got a tax cut or not, and whether you're getting a bigger tax refund or not.
Yeah, though, you know, we do expect that tax refunds as a whole will be somewhat larger than in the past.
I've seen estimates that go from 20 billion higher economy wide to 70 something higher economy wide.
So they may well be larger than last year.
And that does flow directly into the economy.
Retailers, restaurants all sort of depend on having the sort of steady flow of money coming out of people's tax refunds.
You'll see sales that are announced around this time of year as people start anticipating their refunds.
And for a lot of households, this really is, you know, a three, $4,000 refund.
It really is the biggest financial event of the year.
And that means they pay down debt, they pay back bills, they stick it into savings, they have saved up for a major purchase, any number of things that people tend to do with
with that money when they have this one big lump sum that comes in.
And so that does have big ripple effects throughout the economy.
And so if people get more than expected, more than they thought they were going to get, you might see some slight economic boost from that.
And the reverse is certainly true as well.
So that's something we're still trying to get a handle on.
The IRS is opening up this tax season this week and will start communicating more with taxpayers about what they should expect in terms of how long it'll take to receive refunds, to resolve any problems that might exist as your return gets processed.
Showing 1341–1360 of 1,496 · page 68 of 75
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