Taxing Facts
Sunday
Most nations fund their government by taxing citizens’ personal income, but over a dozen countries have no personal income tax at all. They simply raise money other ways, like business or sales taxes. In the US, nine states have no state-level income tax.
Monday
The world’s highest personal income tax rate is Denmark at 56%, though most countries that tax at this level have extensive social security, welfare, and social “safety net” programs.
Tuesday
Businesses often have operations in out-of-the-way places because these “tax haven” countries have low or even no corporate taxes. Many of these nations are small islands, often in the Caribbean.
Wednesday
A “sin tax” is one generally placed on alcohol, tobacco, gambling, vaping, or something else considered harmful to the individual or society. From the government’s perspective, these taxes have a double benefit: income from those who still chose these activites while reducing their overall demand, especially among younger consumers.
Thursday
The issue of fair taxation plays a major role in world history, and has caused not just local rebellions but contributed to major revolutions (American and French) and the signing of the Magna Carta in 1215.
Friday
Infamous Chicago gangster Al Capone was, by some estimates, connected to over 200 murders during his his Prohibition-era reign, but he ultimately went to prison for an 11-year sentence for evading federal taxes on his gambling income.
Saturday
In the US, procrastination in filing income taxes is a national habit. Nearly 1/3 of US taxpayers file in the two weeks before the April deadline, and another 11% file with extensions after the deadline. Offsetting this slightly, however, are the 12% who file in the first week that the IRS accepts returns.