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It’s that time of the year once again, tax season. While the process of filing taxes is often arduous, the hope of a sizable tax refund removes a little pain from the ordeal. But, with an economy like the one we have right now, Preston Brashers, a Heritage Foundation senior policy analyst for the federal budget, says it’s possible some Americans are going to see smaller refunds this year.
While there are a number of factors contributing to the likely smaller refunds, Brashers says “the big one that that’s maybe being left out of this whole conversation is inflation.”
Brashers points out that the “IRS does do an inflation adjustment,” but the “issue is they do that inflation adjustment in the fall of the prior year. So I think most of the most people can recognize things are a little bit more expensive now than they were in say, September, October of 2021. And so you’re effectively being taxed like you’re maybe 8% richer than you actually are because the value of the dollar, essentially your purchasing power, has gone down.”
Brashers joins “The Daily Signal Podcast” to explain all the reason why Americans could be getting less back from the IRS this year, and to discuss what Congress and the White House should do to lower inflation.
Enjoy the show!
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