Wednesday, April 18, 2012

TAX FACTS


Here are some statistics to put the nation’s income tax system in perspective:

     ► 143 million tax returns were filed with the IRS in 2010, some of which represent households and married couples. 

     ► Only 85 million actually paid taxes out of the 143 million filers.  In other words, 58 million, or 41%, were non-payers.  96% of these non-payers made less than $50,000.

     ► The IRS paid out $105 billion in refundable credits to filers who paid no income tax.

     ► The effective tax rate for those making less than $50,000 was 3.5%, and their share of taxes paid was 6.7%.

     ► The effective tax rate for those making more than $50,000 was 14.1%, and their share of taxes paid was 93.3%.

     ► The effective tax rate for those making more than $250,000 was 23.4%, and their share of taxes paid was 45.7%.

     ► The IRS estimates that it takes more than 7 billion hours to comply with the tax code each year.

     ► The tax code is now 3.8 million words long.

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