In this episode of 'Your Personal Economist,' Michelle Meyer, Chief Economist at the Mastercard Economics Institute, explains how the newly enacted federal spending and tax bill will shape taxpayer outcomes in 2026.
- Some households may see larger refunds in 2026 compared to last year, since individual tax cuts took effect in 2025 and withholding did not fully adjust.
- New rules allow certain workers to deduct a portion of their tips and overtime, while also increasing deductions for families, seniors and taxpayers in high‑tax states.
- Refunds remain a critical source of stability, helping households manage expenses, reduce debt or save.
The economy will continue to surprise us, but for some tax-payers, tax rules are one of the few things we can plan around.
Michelle Meyer Chief Economist and Head of the Mastercard Economics Institute
Access previous episodes here:
Episode 12
2026 global economic forecast
In this episode of 'Your Personal Economist,' Michelle Meyer, Chief Economist at the Mastercard Economics Institute, shares the outlook for 2026 and the forces shaping the global economy.
Episode 11
2025 in review: five moments that shaped the economy
In this episode of Your Personal Economist, Michelle Meyer, Chief Economist at the Mastercard Economics Institute, looks back at the five moments that defined 2025 and the lessons they offer for the year ahead.