Opinion | Philip Hackney: fmr. Pres. Trump's federal tax deferral debacle a reminder that good tax policy matters. - NBCNewsTHINK
A surprise change in your paycheck — or a large IRS bill come tax time — is never a pleasant surprise. Trump’s executive order, though presumably well meaning, ultimately did real harm to the expectations of many government workers and their budgets. But it’s also instructive. Tax policy isn’t sexy, but it remains vitally — if dryly — important.
First, Social Security is popular because the idea of a retirement safety net gives workers a sense of societal security. But it is popular, too, because of the way it is withheld.provides a better experience for most taxpayers. We don’t feel like the cost is as high when it is slowly pulled out of our paychecks instead of coming due in one lump sum.property taxes
. The argument goes that if municipal authorities were to have real estate taxes withheld monthly, as banks do for people with mortgages, people would have an easier time making those payments and the government would be more ensured of receiving tax dollars due. No one enjoys paying taxes, but the experience can be better or worse depending on how we design them. The primary lesson here is that badly designed tax policy can do real harm to the lives of citizens. The good news is it’s possible to do better.
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