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Investopedia explains 'Intaxification'
While it may be more emotionally uplifting to receive a tax refund after tax season compared to having less tax removed from each paycheck, a tax refund, logically, is less desirable than owing tax. This means that you have given the government an interest-free loan; you paid out a little bit extra from each paycheck to the government and at the end of the next tax season, you receive the same amount back.
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