Sunday, April 17, 2016

Tax code facts

90% of people who employ housekeepers and babysitters cheat on their taxes
If someone reports their company for tax evasion in the US, he or she will get 30% of the amount collected
The federal tax code was 400 pages in 1913. In 2010 it was 70,000 pages
47% of Americans didn't pay income tax in 2012
The average number of days a person worked to pay his or her 2009 taxes was 103
The wealthiest 1% of the population earns 19% of income but pays 37% of the income tax. The top 10% pays 68% of the tab. The bottom 50% earns 13% of the income, but pays just 3% of the taxes. This doesn't include payroll taxes for Social Security and Medicare
1 million accountants are hired each year in America to help with taxes
Americans spend $27.7 billion every year doing their taxes
http://facts.randomhistory.com/tax-facts.html
The US tax code's 3.8 million words long
There's been 4,428 changes to the tax code over the last decade
The top 20% of all income earners in the US pay 86% of all federal income taxes
In 1950, corporate taxes accounted for 30% of all federal revenue. In 2012, corporate taxes account for 7% of all federal revenue
http://www.infowars.com/24-outrageous-facts-about-taxes-in-the-united-states-that-will-blow-your-mind/
The following figures come directly out of a report by Citizens for Tax Justice.  These are combined figures for the tax years 2008, 2009 and 2010.
General Electric: Profits: $7.7 billion, Taxes: -$4.7 billion (-61.04% tax rate)
American Electric Power: Profits: $5.89 billion, Taxes -$545 million (-9.25% tax rate)Honeywell: Profits: $4.9 billion, Taxes: -$34 million (-0.69% tax rate)
Dupont: Profits: $2.1 billion, Taxes -$72 million (-3.43% tax rate)
Verizon: Profits: $32.5 billion, Taxes: -$951 million (-2.93% tax rate)
Wells Fargo: Profits: $49.37 billion, Taxes: -$681 million (-1.38% tax rate)
Boeing: Profits: $9.7 billion, Taxes: -$178 million (-1.84% tax rate)
Fed Ex: Profits: $3 billion, Taxes: -$23 million (-0.77% tax rate)
http://www.infowars.com/24-outrageous-facts-about-taxes-in-the-united-states-that-will-blow-your-mind/
From 2008-2013, GE made $33.9 billion in US profits, it received a total tax refund of more than $2.9 billion from the IRS. G.E.’s effective US corporate income tax rate over this 6 year period was -9%.
From 2008-2013, Boeing made $26.4 billion in US profits, it received a total tax refund of $401 million from the IRS. Boeing’s effective US corporate income tax rate over this 6-year period was -2%.
From 2008-2013, Verizon made $42.4 billion in US profits, it received a total tax refund of $732 million from the IRS. Verizon’s effective US corporate income tax rate over this 6-year period was -2%.
http://www.sanders.senate.gov/top-10-corporate-tax-avoiders