000			01702nam a22001577a 4500
999			_c517537 _d517537
008			210719b ||||| |||| 00| 0 eng d
100			_aLyon, Elizabeth and Catlin, J. R. _926755
245			_aConsumer misconceptions about tax laws: Results from a survey in the United States
260			_aJournal of Consumer Policy
300			_a43(4), Dec, 2020: p.807-828
520			_aA survey of 1,131 consumers in the United States identified substantial gaps in knowledge or literacy with respect to fundamental U.S. tax law concepts of withholding and tax liability, tax brackets, tax deductions versus credits, charitable contributions, income and exclusions (gifts), and payroll/self-employment tax. Rates of misunderstanding of each concept ranged from 30% to 79%. Regression analysis suggests tax literacy was higher among males and consumers who were older, more educated, and had higher household incomes. Self-reported tax knowledge was weakly correlated with objectively measured knowledge (r = .37, p < .001), suggesting respondents had limited ability to estimate their own literacy of tax concepts. Tax literacy was significantly, but relatively weakly correlated with a more general measure of financial literacy suggesting that tax literacy is a related, yet distinct component of a consumers’ overall financial proficiency. These findings have important implications for consumer welfare via potential impacts on everyday consumer decisions and public discourse. – Reproduced
650			_aTax law, Tax policy, Consumer knowledge, Tax literacy, Financial literacy, Survey _925405
773			_aJournal of Consumer Policy
906			_aCONSUMERS - UNITED STATES
942			_cAR