A few fun facts as we approach tax day.
Note: The District of Columbia is observing Emancipation Day today, April 15th (which generally falls on April 16th). So that’s why you have until Monday, April 18th this year to file your 2010 tax return. Now on to the fun facts!
You think taxes are high now, in the early 1960s, the top federal tax rate was 91%! Even through the 1970s, the top federal tax rate held at about 70%. By the late 1980s, the top federal tax rate dropped to 28%. And today we top out at 35%.
The tax code is at least 5x larger than the King James Bible and some suggest, including all the regulations that go with it, it’s likely 10x larger.
Doug Shulman is the Commissioner of the IRS. He pays someone to do his taxes because, presumably, the tax code is so complex. And my favorite (if this isn’t an argument for simplifying the US tax code!?!)…
The Form 1040EZ is a simplified version of the Form 1040 for certain taxpayers with very simple tax situations. For this, the EZ-est tax form of all, the instruction manual contains… 40 pages!
Happy filing taxpayers!