Legal Blog

Read|Delete 4.15.14

The following are ten outrageous facts about taxes in the United States that will blow your mind

1. The U.S. tax code is now 3.8 million words long. If you took all of William Shakespeare’s works and collected them together, the entire collection would only be  about 900,000 words long.  2. The IRS spends $2.45 for every $100 that it collects in taxes. 3. According to Forbes, the 400 highest earning Americans pay an average federal income tax rate of just 18 percent. 4. In 2009, PC World had five of the most popular tax preparation software websites prepare a tax return for a hypothetical household. All five of them came up with a  different result. 5. According to The Tax Foundation, the average American has to work until April 17th just to pay federal, state, and local taxes. Back in 1900, “Tax Freedom Day”  came on January 22nd. 6. Seventy five years ago, the instructions for Form 1040 were two pages long. Today they are 189 pages long. 7. There have been 4,428 changes to the tax code over the last decade. It is incredibly costly to change tax software, tax manuals and tax instruction booklets for all of those changes. 8. When the U.S. government first implemented a personal income tax back in 1913, the vast majority of the population paid a rate of just 1 percent and the highest marginal tax rate was just 7 percent. 9. The U.S. is the only nation on the planet that tries to tax citizens on what they earn in foreign countries. 10. In 1950, corporate taxes accounted for about 30 percent of all federal revenue. In 2012, corporate taxes will account for less than 7 percent of all federal revenue. Source: The Economic Collapse  Got an interesting Fast Fact for a business audience? Please send and share it with our 1,653 subscribers. Click here to signup to have Read|Delete delivered to your inbox every Monday. Business Law and Transactions Attorney MarylandMike Mercurio mmercurio@offitkurman.com | 301.575.0332 http://www.michaelmercurio.net Linkedin | Read|Delete | Connections |