Facts on Tax, टैक्स पर तथ्य

FACTS ON TAX, टैक्स पर तथ्य

FCT-4494

A “tax” is defined by the Collins English Dictionary as a “compulsory financial contribution imposed by a government to raise revenue….”

FCT-4495

Between 1929 and 2018, inflation-adjusted federal, state and local tax collections per person in the U.S. have ranged from $1,144 to $15,913 per year, with the median being $9,641 and the average $8,829:

FCT-4496

Between 1940 and 2018, inflation-adjusted federal, state and local tax collections per household in the U.S. have ranged from $8,514 to $41,002 per year, with the median being $30,126 and the average $28,396

FCT-4497

Between 1929 and 2018, the portion of the U.S. economy collected in federal, state and local taxes has ranged from 10% to 28%, with the median being 25% and the average 23%

FCT-4498

Per the U.S. Government Accountability Office, when government spends more than it collects in revenues, the resulting debt is “borne by tomorrow’s workers and taxpayers.”

FCT-4499

In addition to government debts, explicit and implicit government obligations such as public employee pensions and Social Security/Medicare benefits also constitute a burden on future taxpayers.

FCT-4500

In 2018, the gap between federal, state and local government revenues and spending was $1.2 trillion or an average of $9,589 for every household in the U.S.

FCT-4501

Between 1929 and 2018, inflation-adjusted federal tax collections per person in the U.S. have ranged from $236 to $10,575 per year, with the median being $6,398 and the average $5,881

FCT-4502

Between 1940 and 2018, inflation-adjusted federal tax collections per household in the U.S. have ranged from $4,308 to $27,910 per year, with the median being $19,832 and the average $19,179

FCT-4503

Between 1940 and 2018, inflation-adjusted state and local tax collections per household in the U.S. have ranged from $3,480 to $14,051 per year, with the median being $9,984 and the average $9,217.

FCT-4504

Between 1929 and 2018, inflation-adjusted state and local tax collections per person in the U.S. have ranged from $793 to $5,472 per year, with the median being $3,152 and the average $2,948.

FCT-4505

In New Mexico, residents who are 100 or older no longer have to pay any income tax.

FCT-4506

In New York, you don’t have to pay a tax for a whole bagel. However, if your bagel is “prepared,” including if it’s simply cut, you’ll have to pay an extra 8 cents in taxes per bagel.

FCT-4507

While all US taxpayers have to pay federal income taxes, not every state has an income tax. There are seven states that don’t: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming.