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Trump celebrates ‘substantially’ higher IRS refunds due to new tax rules

For returns filed electronically, the IRS says refunds should be processed within 21 days or less, with direct deposit potentially speeding up the process further — For returns filed electronically, the IRS says refunds should be processed within 21 days or less, with direct deposit potentially speeding up the process further (Getty Images/iStockphoto)

Tax refunds are expected to be significantly bigger this year and President Donald Trump wants you to think of him when you get yours.
“Tax refunds this year, because of ‘The Great Beautiful Bill,’ are substantially greater than ever before. In some cases, estimates are that over 20% will be returned to the taxpayer,” he wrote this week on Truth Social. “So, when you get your tax refund, think about what a wonderful President you have ... Don’t spend all of this money in one place!”
The changes this year include no tax on tips, no tax on overtime, deductions for car loan interest, and deductions for people who were 65 or older by Dec. 31.
Analysts have projected refunds will be $1,000 higher this year, largely due to the changes in tax legislation. The average refund last year was $3,167.
The tax filing deadline is April 15.

Tax season is here. Here's what you need to know for stress-free filing — In full