10 Astonishing Truths About American Taxes

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10 Astonishing Truths About Your Taxes

• Interesting Facts About Our Tax System

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Returns Received by The IRS

• The IRS collects over 2.4 trillion in taxes each
  year.
• Over 140 million individual income tax returns
  are filed each year. 
• The IRS receives over 31 million business tax
  returns each year.

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The Average Tax Refund

• Over 111 million taxpayers receive a tax refund.
• The average tax refund is almost 3,000.
• In all, the IRS sends out 314 billion in tax
  refunds. 

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E-filing

• E-filing is now nearly universal.
• Over 90 of individual tax returns are e-filed.
• To use the IRS free file service, your income
  must be less than 60,000 per year.

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Top 1 of Earners 

• According to IRS data, the adjusted gross income
  of the top 1 of earners is 434,682 or more per
  year.
• The adjusted gross income of the top 10 is
  125,195 or more.
• The median adjusted gross income is 36,005.

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The Millionaire State

• In 2012, almost 400,000 tax returns showed an
  adjusted gross income of 1 million or more.
• California is the state with the most
  millionaires.
• Roughly 58,000 Californians reported over 1
  million in income in 2012.
• Vermont has the least amount of millionaires,
  only 470.

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The Standard Deduction

• 67.1 of taxpayers choose to take the standard
  deduction rather than itemize their deductions.
• For tax year 2014, the standard deduction is
  6,200 for single taxpayers, 12,400 for married
  couples filing jointly, and 9,100 for heads of
  household.

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Earned Income Tax Credit

• The Earned Income Tax Credit is a refundable tax
  credit for low to middle income taxpayers.
• 27.8 million taxpayers used the Earned Income Tax
  Credit in 2012.
• In total, those taxpayers claimed 64.1 billion
  with the credit.

9
Tax Professionals

• Many taxpayers choose to hire a professional to
  prepare their tax returns rather than prepare
  their own.
• More than half of individual taxpayers use a paid
  preparer to file their taxes.

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Our Tax Code

• The U.S. Tax Code is long and notoriously
  complicated.
• There are about 4 million words in the Tax Code.
• And its always changing. Since 2001, there have
  been more than 5,000 changes to the Tax Code.

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