What You’ll Learn
- Identify some of the most common tax policy misconceptions and how to separate fact from fiction.
- Discover why tax refunds shouldn’t be celebrated, why you should pay your income tax bill, and why certain deductions are wrongly labeled “loopholes,” among other useful facts.
- Improve your ability to counter misleading arguments about the tax code.
- Myth 1: The rich don’t pay any taxes in the U.S.
- Myth 2: U.S. income taxes on the rich were much higher in the 1950s.
- Myth 3: There’s no U.S. law requiring you to pay income tax.
- Myth 4: A large tax refund is cause for celebration.
- Myth 5: The state and local tax deduction (SALT) protects against double taxation.
- Myth 6: Major corporations pay no tax.
- Myth 7: Business taxes only affect business owners.
- Myth 8: Expensing is a loophole.
- Myth 9: Tax cuts pay for themselves.
- Myth 10: Other countries pay tariffs.