Download - 10 Stunning facts about Income Tax
10 Facts You Did Not Know About Income Tax
Everyone knows the mid-April deadline, but do you know why that specific date was chosen? And why did income taxes get
started in the first place? Well, here are some insights on those, and many other, income tax facts.
Why is April 15th the deadline?
Tax day wasn’t originally in April. When the 16th Amendment was introduced in 1913, the tax deadline was March 1st. This changed to March
15th in 1918, and was then changed to April 15th in 1955.
Income Tax Started because of War
The American Civil War to be precise. The Revenue Act of 1861 was introduced to gather funds for the expensive war that lasted four years. At the time, the
war cost approx. $3 million per day. The Revenue Act of 1861 was later repealed and ultimately replaced with the 16th Amendment.
The tax code has grown to about 70,000 pages
It started as 400 pages in 1913. It’s hardly surprising that 82% of taxpayers now turn to a tax accountant or tax
software for help.
Americans spend 6.1 billion hours every year preparing taxes
There are roughly 319 million people in America according to the U.S. Census Bureau. That averages out to every man, woman,
and child spending 19.1 hours getting ready for tax day.
New York City has the world’s highest corporate income tax
The figure, from a 2009 report, was 46.2%. That’s followed by Illinois (42.3%) and then Japan (41%). Compare that to the lowest, a low
10%, paid in Bulgaria, Cyprus, and Macedonia.
91% of you think it’s NOT OK to cheat on your taxes
In a recent survey on taxpayer attitudes, the result was enormously in favor of staying honest. Considering the
survey was conducted by the IRS, you’d have to wonder what the other 9% were thinking.
Americans spend $40.5 billion every year on tax preparation
That’s a lot a money spent because the tax code is so complicated and hard to understand.
Nearly 95,000 people work for the IRS
Based on data found in The Wall Street Journal in October 2013 shortly after the government shutdown began, there
were 94,516 employees working for the IRS.
Tax evasion is prevalent in the world of babysitting.
As many as 95% of people who employ babysitters, housekeepers, or other home health aides are not as upfront about it as they should be and do not report
wages paid to household employees.
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Michael, Paul. “15 Surprising Facts About Income Tax.” Wise Bread. Wise Bread, 19 January 2011. Web. 15 July 2015. <http://www.wisebread.com/15-surprising-facts-about-income-tax>