Welcome, astute taxpayers, to an enlightening expedition through the complex world of taxes! In this informative article, we’ll unveil 25 fascinating tax facts that will shed light on the intricacies of this essential financial domain. From historical milestones to mind-boggling statistics, we’ll explore the multifaceted aspects of taxation that shape economies and impact our daily lives. So, grab your calculators, sharpen your pencils, and join us as we unravel the mysteries, bust the myths, and gain a deeper understanding of the ever-evolving landscape of taxes. Let’s embark on this enlightening journey together and embrace the power of knowledge to conquer the financial maze!
1-5 Fun Facts About Taxes
1. In 1864, a cult leader thought it was a bright idea to hand over 600 acres of land to the big man upstairs, but Pennsylvania wasn’t having it. They seized the land because apparently, God forgot to pay His taxes. Guess even the divine can’t escape the long arm of the IRS!
2. Breaking Bad, the hit TV show, originally planned to unfold its drug empire in sunny Riverside, California. But after seeing more favorable tax laws in New Mexico, they changed their mind. Talk about cooking the books!
3. The United States tax code is approximately four times longer than the complete works of Shakespeare, highlighting the complexity and extensive nature of the tax regulations.
4. Back in 1944, IRS went full-on Robin Hood and collected a staggering 94% tax rate from the top income bracket in the U.S. to fuel the war effort.
5. To showcase their significant tax contributions, ExxonMobil includes the taxes paid by consumers at the gas pump and their employee payroll taxes in the total amount they report as taxes paid to the government, underscoring their status as one of the largest taxpayers in the country.
6-10 Interesting Facts About Taxes
6. If you’ve got a knack for catching tax cheaters, the IRS has an interesting proposition for you. Report someone who has cheated on their taxes, and they’ll reward you with a minimum of 15% of the amount owed. It’s like being a tax superhero and getting paid for busting the bad guys!
7. The United States likes to play by its own rules, especially when it comes to taxes. It proudly holds the title of the only industrialized nation on Earth that taxes its citizens who live overseas, regardless of where they earn their income or their intentions of returning home.
8. Google employs intricate tax strategies that enable it to pay only 2.4% in taxes on its non-U.S. income, which would otherwise be taxed at a higher rate of 35% in the United States.
Read More: 40 Mind-Blowing Google Facts That Will Leave You In Awe
9. When President Franklin D. Roosevelt raised the top tax rate to 79% for individuals earning over $5 million in 1935, this high rate applied to only one person in the entire United States, namely John D. Rockefeller.
10. You’ve heard of sales tax and property tax, but have you met their distant cousin, Crack Tax? Nope, We are not kidding, It really exists in Tennessee. Drug dealers are required to make anonymous payments at the state revenue office and receive a stamp as proof of payment. If a drug dealer is arrested without a stamp, the state can pursue the owed amount.
11-15 Shocking Facts About Taxes
11. In Romania, witchcraft is widely accepted to the extent that in 2011, the government attempted to tax witches and include them in the labor code as part of an effort to revive the country’s economy during a period of recession.
12. A 1997 poll revealed that many Americans believed NASA’s funding accounted for 20% of the federal budget. However, in reality, NASA has received only one cent or less per tax dollar since 1975. Currently, their funding represents a mere .005 cents per dollar.
13. In Germany, individuals officially registered as Catholics, Protestants, or Jews are required to pay a religious tax of 8-9% of their annual income tax bill. This money is directed to the respective religious institutions and does not remain with the government.
14. A peculiar law in the United States results in higher taxes being levied on imported toys resembling humans compared to those that do not. Marvel successfully argued in court that their X-Men action figures, being mutants, should be exempt from such taxes.
15. In 1987, the Internal Revenue Service (IRS) mandated that taxpayers list their children’s Social Security Numbers on tax forms, leading to a sudden decrease of around 7 million American children, which was merely a result of accurate reporting.
16-20 Insane Facts About Taxes
16. When you’re on a mission to the moon, the last thing you want to worry about is filing your income taxes. During the Apollo 13 mission, astronaut John Swigert radioed Houston with an “emergency” announcement—he had forgotten to file his income taxes! Thankfully, Flight Director Glynn Lunney reassured him that Americans abroad get a 60-day extension. Phew, crisis averted!
17. Back in 1999, the one and only Donald Trump proposed a grand plan to tackle the national debt. He suggested a one-time wealth tax of 14.25% on individuals worth $10 million or more. Trump claimed that this tax would generate $5.7 trillion in new revenue, which could be used to eliminate the national debt.
18. Even the brilliant Albert Einstein couldn’t wrap his head around income tax. He once famously said, “The hardest thing in the world to understand is the income tax.”
Read More: 20 Mysterious Facts About Einstein That Will Blow Your Mind
19. During the 1st century A.D., Roman emperor Vespasian implemented a tax on urine. At the time, urine was collected and used as a source of ammonia for tanning hides and laundering garments.
20. The states of Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming do not impose a state income tax on their residents.
21-25 Surprising Facts About Taxes
21. In Texas, strip clubs and nude dancing come with an extra price tag—the pole tax. This tax is levied on those establishments, and the revenue collected goes toward supporting sexual assault victims and providing health insurance for the poor.
22. Cows in Ireland and Denmark better watch their backs (or rather, their behinds). These countries have started taxing cattle owners based on cow flatulence. In Ireland, the tax amounts to $18 per cow, while in Denmark, it is $110 per cow. The aim is to reduce the environmental impact attributed to cows, which account for 18% of greenhouse gases.
23. While some may argue that the spread of Islam was due to the sword, one historian suggests it had more to do with the purse. In the early days, Christians and Jews had to pay a special tax, while Muslims were exempt.
Read More: 25 Awesome Facts About Islam That You Should Know
24. During the French Revolution in 1789, tax collectors were sent to the guillotine as a result of the upheaval and discontent among the population.
25. The federal tax code in the United States has gone through quite the growth spurt. Back in 1913, it was a humble 400 pages long. Fast forward to 2010, and it had ballooned to a staggering 70,000 pages.
That’s it for this post guys, I hope you had fun while reading 25 Fun Tax Facts
Thanks for passing by. Have a great day 🙂
