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Willisms

« Trivia Tidbit Of The Day: Part 303 -- The Saddam Trial. | WILLisms.com | Wednesday Caption Contest: Part 48. »

Trivia Tidbit Of The Day: Part 304 -- Record Tax Refunds.

Taxes-

Americans are getting more tax refunds than ever:

heftywitholding.gif

I blame Bush:

The child tax credit, which rose from $500 to $1,000 per child in 2001, is the biggest reason for a jump in excessive withholding. More than 25 million tax returns claim this credit, worth $55 billion in 2005.

Tax credits are available for a dozen purposes, including college education, adoption assistance and child care expenses. The portion of returns claiming at least one credit rose from 13% in 1995 to 31% in 2003. Credits reduce the tax owed dollar for dollar.

It's all those tax cuts for the rich:

Overwithholding has grown fastest among families earning $50,000 or less a year because they benefit most from tax credits.

Incidentally, if folks withheld a little less, they could put those dollars to much better use over the course of a year (in retirement, in a Health Savings Account, or even in a simple bond). However, many people use their tax refunds as "magic money" to help cover this, that, or the other.

Actually, if anything is to blame, it's the lack of a flatter, simpler, lower tax code.


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Previous Trivia Tidbit: OJ Trial > Saddam Trial.

Posted by Will Franklin · 22 March 2006 08:22 AM

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