NO it means the government gets to use our up front money interest free same as the current system.
In that regard it changes nothing and thus is a has failed before starting.
How do you figure that? It's a 'pre-bate' not a 'rebate'.
And if the government is using your money up front now, I'd suggest you talk to a financial planner to explain to you why tax refunds from the IRS are not a wise savings plan. The smart people never file until April and they include a check for the amount due. They don't make interest free loans to the government.