15 Fun Tax Facts!

April 15, 2014 by Gordon Advisors

Happy Tax Day to all!  And to celebrate the 15th of April, we put together 15 “Fun” Tax Facts for you all to enjoy!

1. The word “tax” is from the Latin word taxo, meaning “I estimate” – which is exactly NOT what the IRS or we want!

2. Excise taxes are also called “sin taxes”.  They are taxes on alcohol, tobacco and gambling.

3. Over 1 million accountants are hired every year to file taxes.  Accountants have some SERIOUS job security.

4. There are 1120+ current active U.S. Federal tax forms.  No wonder accountants have such great job security!

5. Since Jimmy Carter, every president has released their tax returns.

6. There are more than 7 million words in the tax code.  This is more than the Gettysburg Address, Declaration of Independence and the Holy Bible combined.

7. The 1040EZ has 33 pages of instructions.  And that’s supposed to be EZ?!?!

8. Genius, Albert Einstein once exclaimed, “The hardest thing in the world to understand is the income tax.”

9. In 1787 U.S. citizens could only vote if they were taxpayers.

10. Aruba has the highest income tax in the world up to 58.95%! But at least you are on the beach…

11. Exxon Mobil is the top American company paying the most taxes.

12. The first income tax in the United States started during the Civil War in 1862.

13. Almost 90% of all tax returns are e-filed.  Remember the good old days of long lines at the Post Office…

14. In an attempt to stop global warming, places like Ireland and Denmark have started taxing cow flatulence – The tax in Denmark is $118 per cow to every cattle owner. MOO!

15. The IRS has more people working for it than the FBI.  Yet, e- filing is always delayed, tax notices are 2 years behind and amended returns still can’t be electronically filed.

References:

IRS.gov

For Good and Evil: The Impact of Taxes on the Course of Civilization. Charles Adams.

“Tax Rates:  Does the U.S. Have the Highest in the World?”  Stacy Curtin. The Daily Ticker 2013.

How Taxation Works. Laura LaBella. 2011.

“Companies Paying the Most in Income Taxes.” Douglas McIntyre. USA Today 2013

“Tax Facts That Will Make Your Head Explode.” Joe Weisenthal. Business Insider 2013.