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Chris Rock once famously said, “You don’t pay taxes. They take taxes.”

Believe it or not, “they” may be taking a lot less of your taxes this year due to historically high inflation.

To help ensure that taxpayers aren’t pushed into higher tax brackets due to inflation, Uncle Sam has adjusted some of its 2023 tax rules. Specifically, the IRS raised its tax bracket thresholds by about 7% this year.

Although 7% won’t make up for the 22+% of purchasing power erosion that Americans have experienced since 2020, it could result in larger tax refunds for more Americans.

According to the IRS, thus far in 2024, the average federal income tax refund is $3,145 — an increase of just under 6% from 2023.

Fintech can help make that tax refund earn for you. In fact, it can help you turn that $3,145 into well over $100,000 by doing nothing – well, nothing, except shopping!

Here’s how:

Let’s assume you are a 30-year-old making $75,000 per year.

You can put your $3,145 tax refund into a Worthy FinTech Round-Up Account which is invested in Worthy bonds that yield 7% per annum.

According to Worthy, the average user saves $30 to $50 in monthly round-ups. Going with the low end of the round-up range, let’s assume your shopping habits allow you to amass $360 each year in your fintech savings app.

Assuming you make no other contributions other than your round-up contributions or make any withdrawals by the time you are 70 years-old, your $3,145 tax refund would be worth $130,044. Not bad for doing nothing!

Tax Refund Into 6 figures

And, in case you missed it, that is just ONE tax refund! 


Dara Albright
Post by Dara Albright
April 9, 2024
Dara Albright is a fintech pundit with distinct expertise in digital and decentralized finance. She possesses a distinguished 32-year career in financial services encompassing IPO execution, investment banking, trading, corporate communications, financial conference production as well as institutional and retail sales. She is the host of the Decent Millionaire podcast, an episodic podcast series that helps people discover the unprecedented wealth creating potential of decentralization, web3 & Participate2Earn Economics, and is the co-founder of DWealth Education, a learn-2-earn EdTech platform designed to bridge digital asset literacy gaps in corporate, government and academic sectors. Albright serves on multiple boards including Worthy Financial, a scaling fintech enterprise and ICAN (Investor Choice Advocates Network), a nonprofit public interest litigation organization serving as a legal advocate and voice for small investors and entrepreneurs.