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February 27, 2007

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Actually, the notion of an "average" tax refund is misleading. I prefer to think of tax refunds as having a bimodal distribution, with both a high number of minimal refunds (I'm always within $100 either way) and a high number of Really Impressive refunds. The large refunds tend to go to homeowners (esp recent homebuyers or refinancers with a high mortgage interest component and/or high state local (incl prop) taxes) and some parents who max out the earned income tgax credit. Taxpayers not in either of these groups tend to get small refunds if any. There are also some who are grossly overwithheld and get a large refund, but I don't believe in giving the government an interest-free loan.

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