25 facts about taxes in America
- Updated
It's that time of year when we can no longer be in denial about our finances.
- Nick Selbe, credio.com
- Updated
The 2017 filing season opened on Jan. 23, meaning that for many of us, it's that time of year when we can no longer be in denial about our finances. The Internal Revenue Service expects more than 153 million individual tax returns in 2017, and there's no doubt many will put off the the burden of getting the paperwork together until the last possible day.
By the time April 18 rolls around, people across the country will most likely groan at the sight of an IRS Form 1040. Still, there are many fun facts about tax season that people probably aren't aware of.
Credio, a personal finance research site powered by Graphiq, dug deep into the data to find 25 statistics about taxes in America. These facts range from minuscule property tax rates in some parts of the country (as low as 0.25 percent) to the total amount paid in federal taxes in 2015 — a number that is more than 12 figures. Credio will run through each fact, from the smallest number to the largest, to teach you everything you'd want to know before Tax Day 2017.
Compiled by Nick Selbe, credio.com
- Updated
In 2015, Equity Residential — a real estate investment trust based in Chicago — paid just 0.16 percent in effective tax rate, the lowest of any company in the S&P 500.
Source: FindTheCompany
- Updated
The county with the least expensive property tax (in terms of percent income) in 2016 was Vernon Parish, Louisiana, which had a property tax rate of 0.25 percent.
Source: TurboTax
- Updated
Hawaii had the lowest property tax rate in 2016, coming in at just 0.28 percent.
Source: WalletHub
- Updated
Conversely, the highest property tax rate in 2016 was in New Jersey, at 2.29 percent.
Source: WalletHub
- Updated
If you're a big spender considering a relocation, take a look at these four states that have no sales tax: Oregon, Delaware, Montana and New Hampshire.
Source: TurboTax
- Updated
Smokers looking to save some cash might want to steer clear of buying their packs in New York, which had the highest cigarette tax ($4.35 per pack) in the country in 2015.
Source: Tax Foundation
- Updated
In 2016, Rhode Island had the highest vehicle tax rate in the country at 4.76 percent.
Source: WalletHub
- Updated
It pays to work in any of these seven states, which have no personal income tax: Wyoming, Washington, Texas, South Dakota, Nevada, Florida and Alaska.
Source: TurboTax
- Updated
Property tax falls under local, not state, jurisdiction. The most expensive property tax county in terms of percent income was Passaic County, New Jersey, which had a property tax rate of 8.79 percent, according to the Tax Foundation's analysis of the U.S. Census Bureau's 2009 American Community Survey.
Source: TurboTax
- Updated
Ever wonder why there aren't many casinos in Alabama? Maybe it's because of the state's playing card tax, which charges 10 cents per pack in 2016. Nevada, by comparison, issues a free deck of cards for every tax return filed.
Source: TurboTax
- Updated
There are two states that tied for the highest sales tax in 2015, both located in the South: Tennessee and Arkansas, each at 12 percent.
Source: TurboTax
- Updated
In November 2016, 13 states voted on some type of tax ballot measures — nine passed, while four failed.
Source: Ballotpedia
- Updated
California had the highest personal income tax in the country in 2016 at 13.3 percent. The next highest state was Oregon (9.9 percent).
Source: TurboTax
- Updated
According to a Tax Foundation 2012 analysis, the city with the highest sales tax (13.725 percent) was Tuba City, Arizona.
Source: TurboTax
- Updated
Car lovers should take note of their state's vehicle tax rate. There are 23 states (plus Washington, D.C.) that had no vehicle tax in 2016.
Source: WalletHub
- Updated
The highest federal tax rate in 2015 was 39.6 percent. A single person with at least $413,201 in taxable income qualified for that tax bracket.
Source: IRS
- Updated
In October, Donald Trump's reported tax plan was said to cut 47.6 percent of taxes for millionaires, who represent the top 0.8 percent of the population in terms of income.
- Updated
In 2015, 83 percent of people who filled out tax returns qualified for refunds.
Source: CNN Money
- Updated
In 2014, New Hampshire had the lowest tax collection per capita, at $1,720 per person. Florida was the next lowest at $1,779.
- Updated
The average tax refund in 2015 was around $2,800, and nearly eight out of 10 filers have qualified for refunds in recent years.
Source: CNN Money
- Updated
For parents with only one child, the maximum Earned Income Tax Credit in 2016 was $3,373.
- Updated
Unlike New Hampshire, which has the lowest tax collection per capita, North Dakota has the highest at $8,277, nearly five times higher than New Hampshire.
- Updated
If you can't get your taxes filed in time this year, you won't be alone. There were 10.25 million people who filed for personal tax extensions in 2009, with reasons varying from missing receipts to personal issues, to W2 issues and simply filing taxes for the first time.
Source: IRS
- Updated
Everyone loves to get a refund, and there was plenty to go around in the 2015 filing season. The total refund amount was $271 billion, and we can only hope for an even bigger number for the 2016 filing season.
Source: U.S. Treasury
- Updated
Americans paid $2.955 trillion in federal taxes in 2015, the highest amount ever. That number is projected to increase and could eclipse the $3 trillion mark this year.
Source: Graphiq
- Nick Selbe, credio.com
The 2017 filing season opened on Jan. 23, meaning that for many of us, it's that time of year when we can no longer be in denial about our finances. The Internal Revenue Service expects more than 153 million individual tax returns in 2017, and there's no doubt many will put off the the burden of getting the paperwork together until the last possible day.
By the time April 18 rolls around, people across the country will most likely groan at the sight of an IRS Form 1040. Still, there are many fun facts about tax season that people probably aren't aware of.
Credio, a personal finance research site powered by Graphiq, dug deep into the data to find 25 statistics about taxes in America. These facts range from minuscule property tax rates in some parts of the country (as low as 0.25 percent) to the total amount paid in federal taxes in 2015 — a number that is more than 12 figures. Credio will run through each fact, from the smallest number to the largest, to teach you everything you'd want to know before Tax Day 2017.
Compiled by Nick Selbe, credio.com
In 2015, Equity Residential — a real estate investment trust based in Chicago — paid just 0.16 percent in effective tax rate, the lowest of any company in the S&P 500.
Source: FindTheCompany
Smokers looking to save some cash might want to steer clear of buying their packs in New York, which had the highest cigarette tax ($4.35 per pack) in the country in 2015.
Source: Tax Foundation
Property tax falls under local, not state, jurisdiction. The most expensive property tax county in terms of percent income was Passaic County, New Jersey, which had a property tax rate of 8.79 percent, according to the Tax Foundation's analysis of the U.S. Census Bureau's 2009 American Community Survey.
Source: TurboTax
Ever wonder why there aren't many casinos in Alabama? Maybe it's because of the state's playing card tax, which charges 10 cents per pack in 2016. Nevada, by comparison, issues a free deck of cards for every tax return filed.
Source: TurboTax
In November 2016, 13 states voted on some type of tax ballot measures — nine passed, while four failed.
Source: Ballotpedia
In October, Donald Trump's reported tax plan was said to cut 47.6 percent of taxes for millionaires, who represent the top 0.8 percent of the population in terms of income.
In 2014, New Hampshire had the lowest tax collection per capita, at $1,720 per person. Florida was the next lowest at $1,779.
The average tax refund in 2015 was around $2,800, and nearly eight out of 10 filers have qualified for refunds in recent years.
Source: CNN Money
For parents with only one child, the maximum Earned Income Tax Credit in 2016 was $3,373.
Unlike New Hampshire, which has the lowest tax collection per capita, North Dakota has the highest at $8,277, nearly five times higher than New Hampshire.
If you can't get your taxes filed in time this year, you won't be alone. There were 10.25 million people who filed for personal tax extensions in 2009, with reasons varying from missing receipts to personal issues, to W2 issues and simply filing taxes for the first time.
Source: IRS
Everyone loves to get a refund, and there was plenty to go around in the 2015 filing season. The total refund amount was $271 billion, and we can only hope for an even bigger number for the 2016 filing season.
Source: U.S. Treasury
More information
View this profile on Instagram#ThisIsTucson 🌵 (@this_is_tucson) • Instagram photos and videos
Most viewed stories
-
Over 40 free events happening in Tucson this December! ⛄
-
Save the date! Here's the ultimate list of Tucson holiday events 🎄
-
A large list of fun and festive events in December! 🎄❄️
-
17 festive holiday markets that support Tucson artisans
-
20 gifts under $20 from Tucson shops! 🎄🎁
-
A giant guide to gifts made by Tucson makers and small businesses
-
Cafe Maggie suddenly closes doors on Tucson's North Fourth Avenue
-
Where to get your tamales this holiday season, recommended by our readers
-
Get fresh bread and flaky, buttery croissants at the MSA Annex's new micro-bakery 🥖