• Home
  • Services
    • Audit and Assurance
    • Small Business Accounting
    • Business Consulting
    • Estate Planning and Trust Accounting
    • Succession and Acquisition Planning
    • Tax Planning and Compliance
    • Valuation and Litigation Support
  • Industries
    • Construction
    • Finance and Leasing
    • Manufacturers and Distributors
    • Healthcare
    • Real Estate
    • Restaurant and Retail
    • Service
    • Nonprofit
  • About Us
    • Mission & Vision
    • Leadership Team
    • Our Firm’s Peer Review
    • Recognition
  • Careers
  • Resources
    • Blog
    • Succession Planning Guide
    • Profit Planning Guide
    • Learn How SafeSend Returns Works
  • Make A Payment
Contact
  • Home
  • Services
    • Audit and Assurance
    • Small Business Accounting
    • Business Consulting
    • Estate Planning and Trust Accounting
    • Succession and Acquisition Planning
    • Tax Planning and Compliance
    • Valuation and Litigation Support
  • Industries
    • Construction
    • Finance and Leasing
    • Manufacturers and Distributors
    • Healthcare
    • Real Estate
    • Restaurant and Retail
    • Service
    • Nonprofit
  • About Us
    • Mission & Vision
    • Leadership Team
    • Our Firm’s Peer Review
    • Recognition
  • Careers
  • Resources
    • Blog
    • Succession Planning Guide
    • Profit Planning Guide
    • Learn How SafeSend Returns Works
  • Make A Payment
Call Us
Get Directions

Blog


15 Fun Tax Facts!

April 15, 2014 by Stephanie Potash

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.


Recent Posts

  • Tax Briefing: Omnibus Bill and the Secure 2.0 Act of 2022
  • Nine financial KPIs construction firms should be tracking
  • How better job costing is the key to unlocking greater profitability for your construction firm
  • Biden Administration Releases Explanations of FY2022 Budget Tax Proposals
  • Lower Business Values Strengthen the Case for Gifting

Categories

  • Accounting
  • Bookkeeping
  • Deadlines

Contact Us

248.952.0200

248.952.0290

1301 West Long Lake Road
Suite 200
Troy, MI 48098

Helpful Links

  • Services
  • Industries
  • About Us
  • Leadership Team
  • Careers
  • Blog
  • Learn How SafeSend Returns Works
  • Make A Payment
Gordon Advisors

2023 © Gordon Advisors, P.C. | All rights reserved.