About 80% of taxpayers gave
interest-free loans to the federal government last year, averaging about $2,742
per household.
That is to say, 4 out of 5
taxpayers paid too much tax during the year, and were entitled to a refund when
they filed this year.
WashingtonPost.com says almost
$200 billion was overpaid as excess federal taxes to the government last year.
Yikes.
Now, at the current historic
low level of interest rates, you only lost a few dollars in interest if you
overpaid and got an average refund.
But still, for the nation as a
whole, taxpayers gave up close to $100 million in lost interest because they
didn’t fine-tune their withholding accurately enough.
If you like giving
interest-free loans to the government, you know what to do this year….
And a majority of these people actually think the gov't is giving them money and not returning theirs. No wonder we're in the mess we are in!
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