Tuesday, April 17, 2007

Tax Day

Tax DayToday is a day many Americans dread -- the day you have to file yourfederal tax return. Here are some “tax facts” collected from varioussources that may amuse and annoy you.

The federal tax code, at 9 million words, is seven times longer than theBible.

The top 10% of earners, those with incomes of $100,000 or more, pay 70% of all federal income taxes.

In addition to the federal government, 43 states have their own separate income taxes. That’s why, according to the Tax Foundation, most Americanswill work 120 days this year just to pay their tax liability.

The average taxpayer will spend just over a day, 24.2 hours, preparing his taxes, but 60% of Americans will pay someone else, on average $207, to do it for them.

And if you think you paid too much in taxes this year, just wait. The current budget working its way through the halls of Congress assumes the Bush tax cuts will be allowed to expire in a few years, thereby raising taxes on the average American household by more than $2,600!

Courtesy of Gary Bauer, www.ouramericanvalues.org