Taxed To Bankruptcy

Apart from death, the old saying declares that the only other sure thing in life is taxes. But can the latter drive one to the former? Or, at least, to bankruptcy?

Todd Zywicky over at the Volokh Conspiracy makes one stop and think with this observation:

There aren't many good studies on this, but some have concluded that as much as 10% of bankruptcy filings are caused by tax liabilities (...that doesn't count those who would have alot more money available to pay their debts but for having to pay their taxes...). For those keeping score at home, this exceeds the number of bankruptcies traditionally thought to be caused by health problems, death in the family, college expenses, and gambling.

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