By now you should have already filed your income tax return
for 2012. In fact, there’s a good chance you’ve already received and spent your
refund, if there was one. According to the IRS, the average amount refunded is
about $3000. 82% of Americans asked said they planned to spend their refunds as
soon as they arrived. 17% said the money would go toward paying off bills. 11%
meant to spend their check on a shopping spree. 7% planned to have a night out on
the town, and another 7% intended to go on holiday. An awful lot of that money
ends up in Wal-Mart’s cash registers. By mid-April, the retail behemoth has
usually cashed more than $3 billion in refund checks. I guess that makes sense.
If you’re the sort of person who lets the federal government use $3000 of your money
interest free every year, where else would you be spending it?
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