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The Independent UK

Business

Katie Hawkinson

Why not understanding your taxes can cost you more money

Caroline Bruckner IRS Income Tax

Taxes play a ‘critical role’ in Americans’ lives, but many people lack ‘basic tax literacy,’ according to a recent poll - (Getty Images)

Can you confidently explain the basics of the U.S. tax system?

If you can’t, you’re not alone. The 2024 National Tax Literacy Poll, conducted by the Tax Foundation, revealed that more than half of respondents lacked “basic tax literacy,” while just 2 percent of respondents demonstrated “proficient” tax knowledge.

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