People would give up 2.5 days of pay rather than itemize deductions

Lizzie O'Leary Apr 6, 2018
HTML EMBED:
COPY

People would give up 2.5 days of pay rather than itemize deductions

Lizzie O'Leary Apr 6, 2018
HTML EMBED:
COPY

If you haven’t filed your taxes yet, that deadline is April 17. The process can be stressful and confusing, especially if you’re itemizing. But how much would you pay to avoid that? Youssef Benzarti, an assistant professor of economics at UCLA, studied our tax system and says people are willing to give up the equivalent of 20 hours — or 2.5 days — of their salary. He found that many taxpayers actually give up that much in tax savings in order to make the whole process shorter and easier. Benzarti joined Marketplace Weekend to discuss that and one of his main findings — that the cost of filing taxes has gone up steadily since the 1980s.

Click the audio player above to hear the full interview. 

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.