Half of Americans feel they pay too much in taxes

Tax day calendar.
Tax day calendar. Photo credit Getty Images
By , Audacy

The Boston Tea Party part two? With tax day finally here, a new poll has found that nearly half of Americans feel they pay more than their fair share in taxes.

The poll conducted by CBS News/YouGov has found that 45% of Americans feel they pay too much when their yearly tax bill comes around. Among those who expect to owe money this year, 60% said they think they are paying too much.

On the other side of the question, 47% reported that the amount they pay in taxes is “about right,” while 8% — who might be among the most honest Americans — reported paying less than their fair share.

Still, not everyone feels the same way about their taxes, as the poll also found that 55% of conservatives feel they pay more than their fair share compared to 37% of liberals and 43% of moderates.

The poll found that three in four Americans expect to file their income taxes on time this year, with 60% who file expecting a refund from the federal government.

When it comes to what Americans will spend their expected refunds on, the majority plan to use the extra cash on things other than something fun.

The poll found that 37% plan to use it on debt or bills, 31% reported plans to save the money or invest it, and 18% said they would use it for everyday expenses. Only 6% shared they would spend it on something fun.

However, those numbers do change when looking at how much respondents make, as 41% of respondents who make less than $50,000 a year said they would use the money on bills, and 40% of those making between $50,000 and $100,000 said they would do the same. However, for those making more than $100,000, only 28% planned on using it to pay down some debt.

At the same time, those making between $50,000 and $100,000 were the most likely to invest or save the money, with 35% reporting their plans to do so. Thirty-three percent of those making over $100,000 planned to save or invest the money, and 26% of those making less than $50,000 reported the same.

But income does not matter when it comes to spending the refund on something fun, as less than 10% of all respondent groups reported no plans to use the money for that purpose.

The poll was conducted between March 29 and 31, with 1,612 adult residents participating.

LISTEN on the Audacy App
Sign Up and Follow Audacy
Facebook | Twitter | Instagram

Featured Image Photo Credit: Getty Images