As you get ready to file your taxes this year, it’s important to remember that you’re not the only one who’s suffering through this annual process. Everybody pays taxes in one way or another and it seems as though the more money you make, the more the government wants to take, and believe it or not, there’s actually some truth to that. There’s probably a number of fun and interesting facts you probably didn’t know about the taxes you’re paying. Here are 7 fun tax facts for to know for Tax Day
As you might know, many of the modern English words we use today originate from Latin, a much older language used in ancient Rome and throughout the Roman Empire. So it comes as no surprise that the word “tax” was actually derived from the Latin word “taxo,” which translates to “I estimate.”
The Bible contains about 800,000 words. The Federal Tax Code has about 4 million.
If somebody reports their employer for tax evasion in the United States, that individual could stand to receive a whopping 30% of the total amount recovered by the Internal Revenue Service.
You might say that the early 20th century was a simpler time, at least for Congress. Back in 1913, the federal tax code was contained within a mere 400-page document, a long yet manageable read. But by 2010, so much had been added to the tax code that it now spans across 70,000 pages.
In 2012, almost half (47%) of all Americans did not pay any federal income tax. Five years prior in 2007, before the nationwide recession, 40% of American households didn’t even owe a federal income tax.
In 2009, the average amount of work days you would have to put in just to pay your taxes for the year was 103.
The United States has what’s known as a progressive tax system. This basically means that the more money an individual makes, the more they are required to pay in taxes.
If your financial struggles have you in a bind, a solid tax return could help you get through it. But what if you don’t get back as much this year? What if it turns out you owed more to the government than you thought? If this ends up being the case, you could explore title loans for fast financial relief. If you’re a vehicle owner, then you could put up to $15,000 in same-day cash in your pockets today. That could prove rather handy, especially when the average tax return takes anywhere from three to eight weeks to hit your bank account.