Tax season is here, so turn on the federal spigot and let the “free money” flow! Many Twitter users are rejoicing that their federal tax refunds include “free money” from the IRS.
During the 2012 presidential campaign, Mitt Romney shocked the nation by heartlessly noting that nearly 47 percent of Americans pay no federal income tax. Thanks to refundable credits like the Earned Income Tax Credit, 30 percent of workers reduced their tax liability to below zero in 2011, resulting in a payment from the IRS.
Or, as some Twitter users call it, “free money.”
Billions of dollars of that “free money” is in erroneous payments to both legal workers and illegal aliens. The IRS sent out an estimated $15.2 billion in “improper” EITC payments in 2011. Reminder: Cuts associated with Sequesterpocalygeddon total $85 billion. That $15.2 billion would go a long way toward ending the catastrophic zombie uprising that’s bringing our nation to its knees.
But let’s hear it for “free money”!
Of course, not all of the people celebrating that sweet, sweet free money are necessarily claiming refundable tax credits.
As some Twitter users note, when a taxpayer receives a big refund, that money has been on loan to the federal government. And it’s not the taxpayer getting the sweet deal.
But that didn’t stop many from celebrating hefty tax refunds.
As always, math is hard.
Editor’s note: One Twitter user dropped by the comments to let us know she was joking about “free money.” We have removed her tweet.