15 facts about united states taxes system
TRANSCRIPT
![Page 1: 15 Facts About United States Taxes System](https://reader033.vdocuments.net/reader033/viewer/2022061617/58ee0eb41a28ab92198b463f/html5/thumbnails/1.jpg)
15 Facts About U.S. TaxesBy: John J. Bowman, Jr.
![Page 2: 15 Facts About United States Taxes System](https://reader033.vdocuments.net/reader033/viewer/2022061617/58ee0eb41a28ab92198b463f/html5/thumbnails/2.jpg)
The IRS is the U.S. government agency that is responsible for collecting
taxes and enforcing revenue laws. This agency
is part of the U.S. Department of the
Treasury.
![Page 3: 15 Facts About United States Taxes System](https://reader033.vdocuments.net/reader033/viewer/2022061617/58ee0eb41a28ab92198b463f/html5/thumbnails/3.jpg)
Tax Returns
Every year the IRS receives over 140 million individual tax returns. In total, they collect over $950 billion in taxes.
![Page 4: 15 Facts About United States Taxes System](https://reader033.vdocuments.net/reader033/viewer/2022061617/58ee0eb41a28ab92198b463f/html5/thumbnails/4.jpg)
Over $325 billion in tax refunds are paid out each year. The
average tax refund is $2,953. Keep in mind that a large tax
refund suggest that you had to much money withheld from
your pay or you made estimated tax payments that
were too large. In a sense, it is money that you loaned to the
government interest free.
![Page 5: 15 Facts About United States Taxes System](https://reader033.vdocuments.net/reader033/viewer/2022061617/58ee0eb41a28ab92198b463f/html5/thumbnails/5.jpg)
Income Distribution
More than 40,000 Californian residents reported over $1 million in income, the most of any state. Vermont, on the other hand, has less than 300 millionaires.
![Page 6: 15 Facts About United States Taxes System](https://reader033.vdocuments.net/reader033/viewer/2022061617/58ee0eb41a28ab92198b463f/html5/thumbnails/6.jpg)
Electronic Filing
Electronic filing is now nearly a universal practice. Almost 90% of individual tax returns are e-filed.
![Page 7: 15 Facts About United States Taxes System](https://reader033.vdocuments.net/reader033/viewer/2022061617/58ee0eb41a28ab92198b463f/html5/thumbnails/7.jpg)
The Tax Code Is Expansive
The tax code is extremely wordy, with about 4 million words in all.
![Page 8: 15 Facts About United States Taxes System](https://reader033.vdocuments.net/reader033/viewer/2022061617/58ee0eb41a28ab92198b463f/html5/thumbnails/8.jpg)
Continually Changing
The tax code is continually changing. There has been more than 4,500 changes since 2001.
![Page 9: 15 Facts About United States Taxes System](https://reader033.vdocuments.net/reader033/viewer/2022061617/58ee0eb41a28ab92198b463f/html5/thumbnails/9.jpg)
Tax DeductionThe biggest tax deductions are those for taxes paid to the state and local governments. After that, taxes paid for interest is the next highest, especially on home mortgages.
![Page 10: 15 Facts About United States Taxes System](https://reader033.vdocuments.net/reader033/viewer/2022061617/58ee0eb41a28ab92198b463f/html5/thumbnails/10.jpg)
The word ‘tax’ derives from the Latin word taxo, which means “I
estimate.”
![Page 11: 15 Facts About United States Taxes System](https://reader033.vdocuments.net/reader033/viewer/2022061617/58ee0eb41a28ab92198b463f/html5/thumbnails/11.jpg)
Do You Cheat On Your Taxes?
Around 90% of Americans who employ a housekeeper and babysitter cheat on their taxes.
![Page 12: 15 Facts About United States Taxes System](https://reader033.vdocuments.net/reader033/viewer/2022061617/58ee0eb41a28ab92198b463f/html5/thumbnails/12.jpg)
The United States has a progressive tax system. This means that the more money a person makes,
the more he or she pays in income taxes.
![Page 13: 15 Facts About United States Taxes System](https://reader033.vdocuments.net/reader033/viewer/2022061617/58ee0eb41a28ab92198b463f/html5/thumbnails/13.jpg)
Progressive Tax System
The top 20% of all income earners in the United States pay about 86% of all federal income taxes.
![Page 14: 15 Facts About United States Taxes System](https://reader033.vdocuments.net/reader033/viewer/2022061617/58ee0eb41a28ab92198b463f/html5/thumbnails/14.jpg)
It’s Expensive
As a whole, Americans spend over $27.7 billion each year doing their taxes.
![Page 15: 15 Facts About United States Taxes System](https://reader033.vdocuments.net/reader033/viewer/2022061617/58ee0eb41a28ab92198b463f/html5/thumbnails/15.jpg)
It’s Time Consuming
Americans spend over 7.6 billion hours complying with federal tax requirements.
![Page 16: 15 Facts About United States Taxes System](https://reader033.vdocuments.net/reader033/viewer/2022061617/58ee0eb41a28ab92198b463f/html5/thumbnails/16.jpg)
One Of A Kind?
The United States is the only nation in the world that tries to tax citizens on money they earned in foreign countries.