81% of Americans are more concerned with inflation than with taxes in a new survey conducted by WalletHub.
The survey, polling 200 Americans on questions related to taxation, reveals some interesting patterns on Americans’ view of tax season.
73% of Americans do not believe the government spends their tax dollars wisely with 28% of Americans preferring their dollars go to charity, 26% to local government, and 13% to religious groups.
“I am actually surprised that the figure is not higher than 73%. Given how large the federal government has become, anyone can find particular expenditures to object to,” Professor Emeritus of Law at Case Western Reserve University Erik M. Jensen said. “And since no one is familiar with the practices of all federal agencies—indeed, hardly anyone has any idea what most federal agencies do, if anything—people can assume that lots of inappropriate expenditures are being made. I do.”
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Additionally, 72% of Americans believe their tax rates are too high and nearly half of Americans would move to a different state if it would help them avoid taxes. 34% of Americans are afraid of not having enough money on tax day.
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“Tax Day comes every year; it is entirely predictable. What people should be concerned about is whether they have done enough planning so that there will be no substantial surprises when they are preparing their income tax returns,” Jensen said. “In that regard, in recent years, about three-quarters of American taxpayers have had no additional income-tax obligation on Tax Day; instead, they are entitled to refunds from Uncle Sam. Refunds are painless.”
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This is particularly bad news for President Joe Biden, who many Americans blame for rising inflation rates. Republicans have been incredibly critical of President Biden’s handling of inflation with House Majority Whip Tom Emmer, R-Minn. claiming Biden is “living in an alternate reality from Americans watching prices get higher by the day.”