CNN has a poll on its homepage that asks, “On your taxes this years, are you: 1) Getting a refund, 2) Have to pay the IRS, or 3) Not sure yet.” (emphasis added)
Truth is, everyone pays the IRS. Most of us just do it in advance, not on April 15. That’s what withholding is. If you get a refund, that just means you overpaid in advance. A refund is just getting some of your own money back.
We also give the government the time value of that money; we are denied the chance to save or invest that money and earn interest on it.
A lot of people don’t realize that. It’s frustrating when people look forward to April 15, because they think they get free money.
We should end withholding, so people get a better sense of what they’re really paying.
While we’re at it, we should also move tax day to the day before election day.
Inertia Wins! 