The Cheese Tax

Happy Tax Day!  While taxes may not be the most exciting topic, there are some interesting and fun tax facts that you may not know about:

  1. The first income tax in the US was introduced in 1861 to help pay for the Civil War. The tax was 3% of income over $800, and it was repealed in 1872.
  2. The highest tax rate in US history was 94% in 1944-45. This was during World War II, and the high tax rates were used to help fund the war effort.
  3. The first US income tax form was just 3 pages long, while today’s Form 1040 can be over 100 pages long if you include all the schedules and attachments.
  4. The IRS estimates that it takes the average taxpayer about 11 hours to complete their tax return. This includes gathering all the necessary paperwork, filling out the forms, and double-checking everything before submitting.
  5. The word “tax” comes from the Latin word “taxo”, which means “I estimate”. This is because taxes were originally based on estimates of a person’s income or property.
  6. In 1913, the 16th Amendment to the US Constitution was ratified, which gave Congress the power to levy an income tax without regard to the population of the states. This allowed for a more equitable distribution of taxes across the country.
  7. The IRS processes around 240 million tax returns each year. That’s a lot of paperwork!
  8. The US tax code is over 70,000 pages long. That’s longer than the Bible and the complete works of Shakespeare combined!
  9. The first electronic tax filing system was introduced in 1986. Today, around 90% of taxpayers file their returns electronically.
  10. The IRS has its own Criminal Investigation Division, which investigates tax fraud and other financial crimes. The division has around 2,100 employees and is responsible for prosecuting tax evaders and other criminals who use the tax system to commit fraud.

There you have it, 10 fun and informative tax facts to help make Tax Day a little more interesting. While taxes may not be the most exciting topic, it’s always good to have a little bit of knowledge to make the process a little less daunting.

The Meridian pups would also like to remind our readers to be sure to pay the “cheese tax” today and everyday!

Bea loves taxes….specifically cheese!

If you don’t already have the song stuck in your head be sure to watch the video below for proper reference on the cheese tax from the Gilbert girls & dogs:

Cheese Tax

Categories : Money IQ

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