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General Discussion / Re: AmeriPol thread
« on: March 11, 2022, 02:50:53 pm »
I mean... withholdings aren't a loan? It's a weird way to look at them, especially given the duration (at most a year, getting progressively shorter as the tax year progresses) and amount most folks deal with (the median US personal income in 2021 was <53k USD for full time workers according to the BLS, all workers somewhere below that -- the taxes on that are no more than 22%, or 11-12k, and only a fraction of that is ultimately incorrectly withheld). It's taxes taken straight from your income, generally held by your employer and sent from them to the gov't... not really a loan anymore than money being held a few days by the bank after a large deposit is.
Our tax system's just fucked up, so stuff like your deductions aren't kind of casually factored in, in the way even a bloody spreadsheet can manage, though, and so there's weirdness that accumulates over the course of a year leading to the refund and/or extra owed. That's not a loan so much as a deliberate fuckup :V
Our tax system's just fucked up, so stuff like your deductions aren't kind of casually factored in, in the way even a bloody spreadsheet can manage, though, and so there's weirdness that accumulates over the course of a year leading to the refund and/or extra owed. That's not a loan so much as a deliberate fuckup :V