Americans on owing money to the IRS: "No big deal"
TheStreet
Owing money to the IRS is not a pleasant experience. Historically, it's been viewed as a major taboo, not to be discussed, but definitely needing to be dealt with. In recent years, even before the pandemic, Americans have grown almost indifferent to the "owed tax" experience. A new study by Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate at Fisher, and his colleagues, many American taxpayers have "surprisingly" adjusted their standard of living when they owe money to the IRS versus when they receive tax refunds.
July 30, 2020