Richard Rubin

One is like getting the IRS to function well and make sure that they're getting the money out.

Two is there's so much happening in the world, so much happening in the country.

The real political challenge here is to keep it in the forefront for people.

So the average tax refund last year was a little more than $3,100, and this year it's expected to be another $1,000 more.

For the people who get much bigger refunds, they're going to be easier to see.

The things like the standard deduction and child credit are smaller and broader, so more people will get them.

But can you associate that extra $200, $300, $400 in your refund with your local Republican House member?

So for the basic chunk of refunds, it should be the same, like electronic filing, direct deposit, no issues on your return.

It's all automated.

The issue with the IRS and staffing comes down to when you have a question, when there's a problem on your return, those things require people on the other end, and that's where they may run into trouble.

Sure.

Thanks for having me.

So in dollar terms, some of the biggest ones are going to be the state and local deduction cap.

People living in high tax states, New York, New Jersey, California, who either couldn't itemize their deductions before, didn't make sense to, or they were itemizing but had that cap of $10,000 but can now deduct up to $40,000.

That $30,000 additional deduction, if you just add that to what your normal refund might be,

is going to be about a 24% tax rate, seven grand or something.

Right?

So this is potentially significant additional dollars.

This time they're saying, no, no, no, like, let's just look at the actual profit experience.

And so that's called a periodic adjustment.