Income Tax facts

While investigating facts about Income Tax Calculator and Income Tax Department, I found out little known, but curios details like:

Warren Buffet filed his first tax return at age 13 to report income from his paper route, and claimed a $35 deduction for use of his bicycle.

how income tax is calculated?

In the New Deal, FDR called for a new tax program called the Revenue Act of 1935, which imposed an income tax of 79% on incomes over $5 million. This tax rate affected literally one person: John D. Rockefeller.

What income tax will i pay?

In my opinion, it is useful to put together a list of the most interesting details from trusted sources that I've come across answering what income tax should i pay. Here are 50 of the best facts about Income Tax Slabs and Income Tax Refund Status I managed to collect.

what's income tax?

Illegal income, such as bribes, are considered taxable income. Authorities can use this to prosecute people with "legal immunity" (diplomats, UN workers, etc) as they are not immune to paying taxes.
Benjamin Franklin was the originator of raising taxes to pay for lower income families to do public service for a wage. City sweepers were the original public service job of the 1700s.
License plates in DC say "Taxation without Representation" to highlight the fact that they pay federal income tax but do not have any seats in Congress
Nobody other than its owners really know who owns IKEA. Parts of it are owned by multiple shell corporations, and many of the stores themselves are technically owned by a non-profit charitable organization and thus do not pay taxes on their income.
Receipts in Taiwan are lottery tickets. It encourages locals to ask for receipts and boost tax income.
While awaiting sentencing for income tax evasion and obstruction of justice, David Friedland went scuba diving, faked his own death, and fled to the Maldives where he built a chain of scuba diving shops, the success of which helped him get caught.
Many famous British artists, including Rod Stewart and the Rolling Stones, left the UK in the early 70s to avoid an 83% tax on the top bracket of their income.
Prior to the income tax being enacted in 1913, the U.S. government got up to 40% of its revenue from alcohol taxes. Without the income tax in place, the Prohibition Amendment would likely not have been proposed by the Senate in 1917.
A Higher Tax Bracket Means That Only the Income That Falls in That Tax Bracket is Taxed at the Higher Rate
An exotic dancer was busted by the IRS for failing to pay income tax on 1 million dollars in income she received in exchange for sex, from a single man.

income tax facts — What's income tax in canada?

Income Tax data charts

For your convenience take a look at Income Tax figures with stats and charts presented as graphic.

income tax fact data chart about Great Prosperity vs Great Regression (USA) [Productivity, wa — Great Prosperity vs Great Regression (USA) [Productivity, wages, taxes, poverty, income inequality, union membership, retirement age, debt, life expectancy]

income tax fact data chart about Marginal Income Tax Brackets 5 Countries + Republican Propos — Marginal Income Tax Brackets 5 Countries + Republican Proposal

Why income tax is negative?

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Student loans that are "forgiven" after 25 years of payments, are treated as TAXABLE INCOME; meaning huge taxes due IMMEDIATELY, and could be 5 + figures.

Ill-gotten gains from criminal activity must be reported as income for tax purposes and taxpayer may also take deductions for costs relating to criminal activity. SCOTUS ruled that the purpose of the tax code was to tax net income, not punish unlawful behavior. - source

Boeing, Second Largest Federal Contractor, over the last six years had an effective federal income tax of -0.4 percent - source

The United States requires its residents to report and pay taxes on illegal income, but allows you to deduct expenses in illegal activity from your taxable income.

Ronald Reagan requested a commission to find waste; instead they found that for income tax, "100 percent of what is collected is absorbed solely by interest on the federal debt and by federal government contributions to transfer payments." - source

When income tax due?

If you're an American and you give up your citizenship, you will be subject to U.S. tax on your worldwide income for any of the 10 years following expatriation in which you are in the U.S. for more than 30 days.

How income tax return filing?

President Truman personally intervened on Eisenhower's request to allow his memoirs of WW2 to be taxed as capitol gains (25%) instead of income (73%) on the grounds that writing wasn't his profession. When Eisenhower was President he refused to do the same for Truman's Presidential memoirs.

In 2007 it is estimated that 40% of households in the United States did not owe any federal income tax. Due to the economic downturn in subsequent years it is estimated that in 2012, 47% of American households did not owe any federal income taxes.

Swiss male citizens who are found unfit for mandatory military service (unless they have a disability) are required to pay 3% more income tax until the age of 30.

Tax Day is not a celebrated holiday in the United States. It is a day that many people dread. Albert Einstein said, "The hardest thing in the world to understand is the income tax."

There are several states that do not charge a state tax on top of the federal income tax. These states include Wyoming, Washington, Texas, South Dakota, Nevada, Florida, and Alaska.

Income tax infographics

Beautiful visual representation of Income Tax numbers and stats to get perspecive of the whole story.

income tax fact infographic about Taxation with (varying levels of) Representation - Federal I — Taxation with (varying levels of) Representation - Federal Income Tax Paid per Electoral Vote

income tax fact infographic about Federal income tax rate on $1M regular income is significant — Federal income tax rate on $1M regular income is significantly higher than for capital gains income

When income tax refund 2019?

Germans pay up to a 9% church income tax (Kirchensteuer) unless they make an official declaration of leaving the faith.

In 1944 the United States had 24 income tax brackets with the top bracket paying 94%

Federal income tax is not the only tax Americans have to pay. There are also social security tax, sales tax, property tax, alcohol tax, tobacco tax, gambling tax, and excise tax.

The only two countries in the world that tax foreign income of their citizens living in foreign countries are Eritrea and the United States

Germany levies a "Church Tax" amounting to up to 9% of the total income tax on all person declaring themselves to be Christian. The proceeds are shared among the Churches.

How income tax return file online?

One of North Korea's assumed biggest incomes and contributions to GDP is taxation of slave laborers working in China. These slave laborers are forced to pay more than 99% of their income in "taxes" and are forced live in horrible conditions in old schools and eat little and bad food.

By Tax Day in 2009 it is estimated that 131,543,000 individual U.S. income tax returns were filed.

Germans are still paying to rebuild East Germany — the "solidarity" tax, a 5.5 percent surcharge on incomes which raises €11 billion a year, is enshrined in law until 2019.

If you accept a bribe, the IRS requires you include it in your income when you file your taxes.

In 1945, progressive tax rates topped out at 94% for all income over $200k ($2.8m adjusted for inflation in 2019)

Only two countries in the world comprehensively tax the worldwide income of their citizens who reside abroad: Eritrea and the USA.

In 1303 Richard Pudlicott stole £100,000 of valuables from King Edward I, equal to England's entire yearly tax income. Ministers discovered the robbery when pricelss treasure began turning up in London brothels.

Between 1988 and 1989 Will Smith spent too much money and was found to owe $2.8 million in income taxes. He lost many possessions and his income was garnished. He almost went bankrupt.

It is estimated that the average person works for the first 100+ days of the year to pay their income taxes. In 2014 it was estimated to be 111 days.

Fourteen year old, Warren Buffett filed his first Federal Tax Return in 1944, after earning a gross income of $592.50 on his newspaper route. He paid $7 in taxes after deducting $10 for watch repair and $30 in bike expenses. In today’s money, that’s $8,221.18 in income and $97.13 owed in taxes.

The 16th amendment, the legal basis for the federal income tax, was proposed by the Republican Party in a political move, thinking it would never get ratified.

The IRS has a program, The Volunteer Income Tax Assistance (VITA) program, which offers free tax help to people who generally make $53,000 or less, persons with disabilities, the elderly and limited English speaking taxpayers who need assistance in preparing their own tax returns

Low and middle income earners pay less income tax than the wealthiest 1% of the population in the United States. The wealthiest 1% of the population in the United States pays 37% of the total income tax.

This is our collection of basic interesting facts about Income Tax. The fact lists are intended for research in school, for college students or just to feed your brain with new realities. Possible use cases are in quizzes, differences, riddles, homework facts legend, cover facts, and many more. Whatever your case, learn the truth of the matter why is Income Tax so important!