Pandemic postpones payment

Taxes are documented funds or financial charges imposed on a taxpayer by the government, according to Examrace.com. This is put in place to fund government spending and various public expenditures.

Traditionally, on April 15, Tax Day, if you do not pay or have an extension in place, that is a punishable law with consequence. Because of the pandemic, however, there is an approved extension that allows people to submit their 2020 income tax forms as late as May 17. In 2020, the extension for the 2019 taxes was moved to July 15.

According to Wikipedia, “the first known taxation took place in Ancient Egypt around 3000–2800 B.C.” and we’ve been paying them ever since. When a person legally works at a job to make money, he or she pays income taxes. All of the tax money goes towards schools, libraries, roads and more. In economic terms, taxation transfers wealth from households or businesses to the government. This has effects that can both increase and reduce economic growth and economic welfare. (https://en.wikipedia.org/wiki/Tax)

The money we receive back from taxes are called “back taxes,” professionally called “State and Federal Tax Refund” .This is due when taxpayers have too much money withheld, so they receive a refund.

Tax Day has been around for over 100 years, but it did not start out on April 15. “In 1913 Tax Day, or the filing deadline, was fixed on March 1. However, it was moved to March 15 in 1918 and April 15 in 1955, where it has remained since then,” according to timeanddate.com.  “If April 15 falls on a Saturday, Sunday or a civil holiday, such as Patriot’s Day, the deadline is extended to the next working day.”

Tax Freedom Day is a significant date for taxpayers and lawmakers because it represents how long Americans as a whole have to work in order to pay the nation’s tax burden. This year, Tax Freedom Day falls on April 16, or 105 days into the year. (https://taxfoundation.org/publications/tax-freedom-day/#:~:text=Tax%20Freedom%20Day%20is%20a,105%20days%20into%20the%20year. (http://taxfoundation.org)

The last two years have been a challenge to this day that has been etched in people’s memories for over five decades, but it should return to normal after the pandemic has subsided.