How are you doing this tax season? If you’re like most other Americans, you’re pulling out your hair and ripping out your nails filling out tax forms – why is the tax system so complicated?
Many Americans expect to receive a tax refund this year and most will put that money towards their debt levels or savings accounts, says a new survey released by Bankrate.com.
According to the poll, 34 percent of Americans who anticipate a refund will use these funds to pay down their debt, while one-third say they will either save or invest this money. One-quarter, meanwhile, will use this money to buy food, pay for their utilities and other necessities. Only three percent will go on a shopping spree or take a vacation.
The survey also found that Americans prefer to receive a big tax refund instead of a smaller refund, which is surprising considering that it’s better to adjust your withholding to gain more money throughout the year. With rising costs of living, people need their money.
There’s some bad news: the older you get the less likely you’ll get a tax refund. According to the survey, two-thirds of millennials expect a tax refund, while one-third of those over 50 will probably get some sort of return.
Although the media are focusing on the tax return portion of the survey, certain findings were actually quite displeasing:
- 43 percent of millennials want higher taxes in exchange for free college tuition.
- Seniors citizens want higher taxes to pay for roads and infrastructure.
- 22 percent would welcome higher taxes if it meant free healthcare.
Why would anyone want higher taxes. The government wastes so much money everyday. I want the government to live with the taxes they get now and stop putting billions on the credit card. The government needs to be held accountable for every dollar it spends; and stop wasting money picking winners and losers.
Remember, the government that has the power to give you everything you want today; has the power to take everything it wants from you, tomorrow.