From: TIME
Why We’re So Irrational When It Comes to Tax Refunds
March 21, 2013
TIME:
Think about it: A tax refund is just that — a refund of your own hard-earned money. It’s not a gift or a stroke of good fortune. The problem is that most people don’t look at tax refunds this way.
Most Americans—a full 75%—receive refunds after filing their taxes. In other words, most Americans have too much money withheld from their paychecks. More than half of Americans—58%, to be exact—say they intentionally plan to receive a refund each year. Understandably, people do so to avoid an unexpected tax payment come April 15, with the idea that it’s better to withhold a bit more to be on the safe side. But the average tax refund will be over $2,800 this year — well beyond “a bit more.”
Read the whole story: TIME
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