Happy Tax Day! By the end of the day, the Internal Revenue Service (IRS) expects that nearly 140 million individual taxpayers will have wrapped tax season by filing their tax returns. Another 10-13 million taxpayers are expected to file for an extension (more on filing for extension here). While nearly 70% individual taxpayers will receive a refund this tax season, most taxpayers don't look forward to Tax Day and are willing to do almost anything to get out of paying taxes.
Earlier this month, GOBankingRates asked over 1,000 U.S. citizens: "Which of the following would you do to get out of paying your taxes?" The respondents could select from the following answer choices. Here's how they responded:
- Perform 5 karaoke songs for your company: 32%
- Go without WiFi for 1 year: 18%
- Have your credit score reduced by 50 points: 16%
- Gain 20 pounds: 13%
- Have your web browsing history made public: 11%
- Be stuck with skunk stench for 6 months: 5%
- Give up half of your retirement savings: 5%
Nearly one-third (32%) of respondents to the GOBankingRates survey said they’d gladly get up and perform five karaoke songs in front of their company if they could avoid paying taxes. This choice was the clear winner for both females and males in every age group even though, let's face, it at least one-third of us would not want to listen to our colleagues perform five karaoke songs (sorry, Forbes team).
And while many Americans wouldn’t mind being embarrassed if it meant paying less in taxes, some Americans are even willing to put their finances at risk. More than 15% of those surveyed were willing to take a 50 point hit to their credit score in exchange for not paying taxes. By age, GenXers (ages 35 to 54) are the most willing to choose this option. By geographical location, Southerners are more willing to choose this option than those in other parts of the country: those in the Northeast were least likely to choose this option.
A surprising 5% of those surveyed would be willing to give up half of their retirement savings in exchange for not paying taxes. That said, a GOBankingRates 2017 Retirement Savings survey found that one in three Americans has $0 saved for retirement so maybe there's not a lot to lose (an additional 21% have less than $10,000 in savings). Interestingly, GenXers were three times more likely than millennials to choose this option.
GenXers are also more willing to allow their web browsing history to be made public (I guess we have nothing to hide), while seniors are more willing than any other age group to go without WiFi for a year. I don't know about you but I couldn't give up my WiFi: you can pry my smartphone out of my cold, dead hands.
So all of this begs the question: what would you be willing to do in order to avoid paying your taxes this year? Post your answers in the comments below and someone might end up with a Taxgirl coffee mug to end tax season. Please keep your answers clean (my mother could be reading).
(For more details on the GOBankingRates survey, click here.)
GOBankingRates.com is a personal finance news and features website dedicated to helping visitors live a richer life. From tips on saving money, to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs.
