Most people don’t like preparing or paying their taxes. Many of the reasons that people dislike taxes, however, have their origins in tax myths. Once you know the truths, you can feel better about the taxes you pay.
Here’s one of the most prevalent myths you may find: Residents of the United States pay an unfair amount of taxes. Many people believe that their tax rates are higher than ever. A look at the facts, however, shows that most people now pay some of the lowest tax rates in U.S. history. The federal income tax rate for medium-income families has been below 6 percent since 2000. During the 1980s, those families paid more than 9 percent per year. In essence, federal taxes are lower than they have been in decades.
People may also believe that they spend an inordinate amount of time preparing their taxes. In reality, the average person spends about eight hours completing tax documents. While this amount may sound like too much time to you, note that this hour count is an average. Loading budget and tax apps onto your smartphone, like the Samsung Galaxy S7, can make the process easier and faster. By taking advantage of these smartphone tools, you can potentially cut the amount of hours needed to complete your taxes. With many tax myths circulating, can you blame people for disliking tax payments? Check out the following infographic to debunk some popular myths that may skew your vision of taxes in the United States.