Tax Day is one of the most hated days of the year–especially if you owe Uncle Sam. But not everyone loathes Tax Day. Many people receive tax refunds that they use to pay bills, pay for vacations, or purchase cars and other big-ticket items. With rising inflation eroding household budgets, Americans are likely more sensitive about taxes than at any time in recent history.
Policymakers regularly make wildly conflicting claims about our tax system or they propose policies that leave you scratching your head. We’ll debunk some common myths about taxes and answer common questions about the tax base and the taxes that people pay. We will discuss: Are tax refunds a windfall of free cash? Do billionaires like Warren Buffett really pay lower taxes than their secretaries? Is inflation a hidden tax? Is it true that half of Americans pay no taxes at all? What does it mean to demand that the rich pay their “fair share”? Who actually pays the most taxes? Were the 2018 tax cuts good for regular families? What’s a flat tax?
Submit your questions online via Twitter @IWF and we may try to answer a few. (Note: The speakers are not IRS agents, accountants, or tax preparation professionals and will not answer questions specific to any person’s individual situation or tax filing.)
Watch the recording:
- Tax Day 2022: Calling The IRS About A Tax Question? Forget It
- Two Truths And A Lie: Tax Day
- 3 Things to Know about Refunds and Tax Cuts on Tax Day
- National Taxpayers Union Foundation: Tax Complexity 2021: Compliance Burdens Ease for Third Year Since Tax Reform
- Green Scissors
- PolitiFact: Confiscating US billionaires’ wealth would run the US government about 8 months
- Tax Foundation: Summary of the Latest Federal Income Tax Data, 2022 Update
- Americans for Tax Reform: 40 Years of Failure: IRS Unable to Fix Computer System