Every year Americans gather together to focus their attention on the last couple of weeks in March–and not just to celebrate St. Patrick’s Day. These are the weeks of some of the nation’s most watched-and-wagered-on basketball tournament.
For the fifth time in 10 years, Houston has claimed top honors on the TurboTax annual list of America’s most tax procrastinating cities. Here’s this year’s ranking of slow-filing cities, compiled for 10 years by Intuit Inc., the maker of TurboTax tax software products, shows no changes in the top four cities that are among the last to file federal tax returns.
For many, understanding what the social security tax is exactly can be a little confusing. Here we breakdown the different components that make up the social security tax and go behind the scenes of who pays it and the long history behind it.
In 1969 when the Alternative Minimum Tax was first implemented, it guaranteed that millionaires and high-income individuals who paid little to no income tax would have to pay a minimum amount of taxes. Over the years the number of individuals who fell into this category has grown, along with the total revenue. Different measures have been taken through the years, such as The Tax Reform Act of 1986 which eliminated the partial exclusion of capital gains, reducing overall revenue at the time, but helping individual taxpayers. With 2011 on the horizon, the potential number of additional AMT taxpayers will increase to 25 million, if the current legislation is not extended. The question is, should you fear the AMT?
The top 1% of tax payers in the U.S. may be an exclusive bunch, but their income tax contributions alone represent 40% of the federal total. What follows is a breakdown of where their tax dollars are going, as well as some related items their money could be used to purchase.
The U.S. spends about $12 billion dollars per year prosecuting marijuana offenders, which are 47% of all of all drug arrests, with roughly one-third of all crimes being non-violent and drug related. How much could the government make by regulating pot?
In the second installment in our series on “Sin Taxes,” we present a graphic which illustrates how much money individuals are being taxed to consume alcohol, and subsequently how much the Federal and State governments are generating in tax revenue.