Tax Day 2018 – April 17th
It’s that time of year again…Tax day has arrived! April 17, 2018 is the nation’s deadline and last day to file your federal and state income taxes. For some this means an extra boost in their bank account. For others, the exact opposite. In honor of tax season ending, here are 10 interesting facts you didn’t know about Tax Day 2018 that might make today a little less stressful.
Abraham Lincoln imposed the first federal income tax at 3% for incomes over $800 on August 5, 1861 in order to fund the Civil War efforts.
The first record of taxes occurred in 2500 B.C. when Mesopotamian people used livestock or manual labor to pay taxes.
Between state and federal income taxes, New York, Hawaii, and Vermont have the highest tax burdens. Delaware, Alaska, and Tennessee have the lowest. What’s more, Washington, Alaska, Florida, Nevada, South Dakota, Texas, and Wyoming do not even have a state income tax. Who’s ready to move?
$1.72 Trillion is expected to be collected from 155 million individual’s income taxes in 2018 compared to $1.57 Trillion generated in 2017.
70% of US tax filers receive a federal tax refund of some size. As of March 23, 2018, the average tax refund was $2,925.
90% of taxes will be electronically filed in 2018. In fact, 21% of paper tax returns have errors whereas <1% of e-filed returns have errors.
24% of taxpayers would name their child “Taxes” for a tax-free future.
16% of taxpayers would rather serve jury duty than file their taxes. 13.42% would rather swim with sharks. Okay, taxes aren’t that bad everyone!
Only 16.08% of people fear getting audited by the IRS on tax day whereas 30.13% fear a math mistake. Calling all mathematicians!
8.1 Billion hours are spent preparing tax returns in America each year. Think of how much our work force could accomplish in that time!
If you’re one of the 52 million Americans who have not filed their taxes yet, you’re not alone. In light of this, we hope you enjoyed these 10 facts about Tax Day. Now take a deep breath and go finish those forms!
If unlinked, all facts listed above come from WalletHub’s Tax Day 2018 Infographic found here: https://wallethub.com/blog/tax-day-facts/11835/. For even more interesting and fun Tax Day stats, check out these 50 fun facts about taxes by WalletHacks.