How much do you pay in taxes? The answer is likely lower than you think.
Taxes are due tomorrow, so if you haven’t filed your income taxes by now, you are, quite literally, waiting until the eleventh hour.
Here’s something to chew on as we count down to tomorrow’s deadline: most of us don’t know how much we actually pay Uncle Sam.
New research from Michigan State University finds a huge percentage of us think we pay more federal taxes than we actually do.
Charley Ballard, a professor of economics at Michigan State University and one of the researchers behind the study, joined Stateside to discuss why so many of us overestimate how much we pay in taxes, how these falsehoods have influenced policy, and how to recalculate our contributions.