Why would someone lock up so much money all year long? Shaking my head....
probably cutting into EIC
Almost all of the people getting multi thousand dollar “refunds” at H&R Block had zero federal income tax withheld on their wages. They are collect Earned Income Tax Credits paid for by you and me. H&R Block Inc. loves those democrats.
They are not locking up their money, they are getting EITC- in other words, tax refunds of money they never paid in the first place.
From what I have heard, if you have one illegitimate kid, you get “back” $5,000 in income tax “returns”. With zero care, looks like that’s been cut down to $3,000.
Ain’t America great!
A gal I used to work with said it was the only way she would save.
I never understood it eiither.
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There should be no federal income tax withholding. Everyone should be forced to write a check to the IRS every 3 months like those of us who are self employed. That would quickly result in universal calls for tax cuts.
Instead, the majority of the sheeple have been trained to look forward to filing their income tax returns so they can get a big check from the government. Free money, hot damn!
They would rather do that than risk owing taxes. Remember, many people aren’t accountants. They live in fear of making a mistake.
because its more fun to take more money to the casinos . .
I doubt this is money they tied up all year. Many people who file will get money back because of all the credits they earn
and end up not paying much in taxes.
You're right, assuming you're a normal, working taxpayer. What you missed was that refundable Earned Income Tax Credit.
The AVG. is $3k? That seems a bit high to me.
A lot of EIC in those “refund” numbers.
I don’t think it is “locking up” so much. It’s from the EIC is my guess.
Most people look at it as a forced savings. They’ll spend their last dime if it’s in their pocket so it’s better to have the government save it for them. It’s the only way they’ll ever have that amount of cash all at once.
I have plenty of low income relatives that love their refunds.
Why would someone lock up so much money all year long? Shaking my head....
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The majority aren’t ,, this is likely EITC refund dollars not cash overpayments being refunded.