Well this is certainly everyone’s favorite time of year, its Tax Day! Now, why is tax filing day April 15th? Perhaps it is because this is about the time of the year that Americans have made enough money to pay their yearly taxes! The rest of the year is all gravy. Yeah, Tax Freedom Day! This year it happened on April 13th, but usually its a bit later. And if you add in the federal deficit, its not until late May. Don’t we all feel better about those stimulus packages? Check out the report from the Tax Institute: Tax Freedom Day!
Over at Slate they have a nice little article about what would happen if you didn’t file your taxes. The answer for most people is absolutley nothing. With the only likely negative outcome being an audit and a penalty. However thats only if you actually owe the government money. Since most people end up getting a return, that means they actually over pay their taxes and are giving the government an interest free loan. How nice of you! For you, don’t worry about filing, the governemtn would be pleased to keep your overpayment. But if you are Wesley Snipes and earned $38 million without paying, you go to jail. So the moral of the story is: don’t make any money, then you don’t have to worry about the government wasting it.