Witthaya Prasongsin via Getty Images American households paid “hundreds of billions more than usual” in their 2021 tax returns, according to a Monday analysis from the University of Pennsylvania’s Wharton School.
The analysis from Penn Wharton Budget Model (PWBM), a nonpartisan public policy research initiative, noted that payments of nonwithheld individual income taxes in April 2022 surpassed $522 billion — significantly higher than the $243 billion collected in May 2021, the month in which tax filings were due last year.
Because “the surge in taxes due at filing came entirely from taxpayers who paid by electronic funds transfer,” PWBM concluded that […]
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