Taxes are about as easy to understand as a social media algorithm. 🤳 The difference? The IRS won’t show you endless memes of AI-morphed J.D. Vance. But it *will* show up at your door if you don’t pay (or say thank you). 🤣
How do Americans *really* feel about taxes? A couple of new stat-packed studies pulled back the curtains and we’ve got a recap. 👇
Here’s Five Fast Facts on how Americans feel about taxes:
- 🍃 Winds of Change - According to research from Tax Foundation, a nonpartisan think tank, roughly 86% of Americans believe our current tax code is in serious need of an overhaul. The people want something that’s both easy to understand and good for the nation’s economy.
- 📑 Filing Fury - In another recent study, 50% of Americans revealed they don’t know how to complete their tax forms. Additionally, 64% said that tax filing is at least somewhat stressful. Another 36% say making a mistake on their return is their biggest worry.
- 💵 Keep It Stupid Simple - In the same study, 67% of Americans say they support more free filing options and 61% are in favor of automated filing for simple returns. Thanks to IRS staffing cuts, 38% of Americans expect a delay in getting their refund and 32% fear the possibility of tax fraud.
- ⚖️ Act Now - The Tax Cuts and Jobs Act of 2017 is set to expire in December, which means the current individual income tax rates will end. Trump says he will extend these rates and wants to replace income tax with tariff increases. He also wants to reduce the corporate income tax rate from 21% to 20%. U.S. manufacturers could see a rate decrease down to 15%.
- 📝 That’s So Reagan - Prior to 2017, the last time we had significant tax reform was during the Reagan era. The Tax Reform Act of 1986 cut federal income taxes, decreased the number of tax brackets, and reduced the highest tax rate from 50% to 28%. It also raised the lowest tax rate from 11% to 15%.
🔥Bottom line: Taxes, shmaxes. We’ve got bigger fish to fry, like deciding which outfit to wear on girls night. Need a little extra cocktail cash? The IRS might owe ya! Check out this article where we explain how to claim what’s rightfully yours.
What’s your biggest beef with the tax code?
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