25 Fascinating Facts About Taxes - Mental Floss

Taxes date back to at least ancient Egypt. We can trace documented records … The first taxes implemented in the United States caused a rebellion. Fans of … Abraham Lincoln gave us federal income tax. Abraham Lincoln signed the … Tax Day wasn't originally on April 15. When the modern federal income tax … We spend a lot of time doing our taxes. The amount of time we spend doing … See full list on mentalfloss.com

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What are some interesting facts about taxes?

To celebrate the wonderful and sometimes odd world of taxes, our experts here at Tax Defense Partners found 15 interesting facts about taxes we’re sure you didn’t know. The Federal Tax Code is approximately 3,800,000 words long, which is around 3 million words longer than The Bible. There’s a kind of tax that has earned the nickname the “sin tax.” ...

How much money does the average American get back from tax refunds?

The average American gets about $3000 back from their tax refund each year. This amount ebbs and flows a little bit every year based on the economy, fluctuating consumer incomes, and the IRS’s withholding tables, which suggest how much employers should deduct from employee paychecks to account for income tax. ...

What are the different types of taxes?

There are several types of taxes, including income, Social Security, sales, property, and excise taxes. While the federal corporate tax rate is 35%, in reality, many companies usually pay far less than that because of loopholes and subsidies. Wealthier Americans pay higher taxes than middle- or lower-income earners. ...

How much time does a taxpayer spend preparing a tax form?

According to the IRS, the average taxpayer spends about 11 hours doing record-keeping, tax planning, form submission, and other super fun tax-related activities. Of course, if you break it down even further, the amount of time changes based on the type of form the filers use. ...

What was the most famous protest of taxation by the American colonies?

The most famous protest of taxation by the American colonies was the Boston Tea Party. On December 16, 1773, colonists dumped 342 chests of tea into the Boston Harbor to protest the Tea Act and other oppressive tax measures. They argued there should be no “taxation without representation.” ...