Tax Day Monday, April 15!
Taxes (Due Monday, April 15!)
Fast facts:
About 121 million taxpayers have filed their returns (5 million fewer people than last year). Of those, 81 million have already received refunds through the end of April.
The average tax refund this year is almost around $3,145.
Individual income taxes are by far the government’s largest single source of revenue.
40 million taxpayers have yet to file. Utilize online tax filing sites like Turbo Tax, TaxSlayer, and H&R Block to avoid getting your taxes flagged by the IRS for manual processing. And be sure to ask for direct deposit!
Taxpayers whose returns are flagged by the IRS will have to wait two to three months for their refunds.
IRS says that 9 in 10 refunds are issued within 21 days of filing electronically, and within 6 weeks for paper returns sent by mail.
A majority of Americans feel that corporations and wealthy people don’t pay their fair share in taxes, according to a Spring 2023 survey. About six-in-ten U.S. adults say they’re bothered a lot by the feeling that some corporations (61%) and some wealthy people (60%) don’t pay their fair share.
Just over half of U.S. adults feel they personally pay more than what is fair, according to the same survey.
American tax dollars mostly go to social services.
https://www.pewresearch.org/short-reads/2024/04/09/7-facts-about-americans-and-taxes/