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The Tax Foundation
By Children’s Home Society of Florida Foundation
The Tax Foundation, a nonpartisan research organization, monitors the taxes paid by Americans each year. On April 11, 2012, they released their report for the past year. As Americans prepare to file before the April 17 deadline this year, many may be interested in the impact of taxes on their daily lives.
In tax year 2010, the total federal income taxes paid were $945 billion. 143 million families filed tax returns. 85 million paid taxes and 58 million were not required to make tax payments. The taxpayers with more modest incomes received refundable credits of $105 billion.
The following table shows the income, effective tax rates and percent of the total tax paid by three groups of taxpayers.
Effective Tax Rates and Payments
| Income | Effective Tax Rate | Percent of Taxes Paid |
| $0 – $50,000 | 3.5% | 6.7% |
| $50,000 – $250,000 | 14.1% | 47.6% |
| $250,000+ | 23.4% | 45.7% |
About one-third of taxpayers chose to itemize deductions. Twenty-five percent of taxpayers deducted mortgage interest and saved approximately $381 billion. Charitable gifts were reported by 27% of taxpayers. These gifts produced a tax savings of $158 billion.
The tax code continues to grow in size and complexity. It now has expanded to 3.8 million words. For the past decade, there has been an average of one change to the tax code every day. What is the time required to complete taxes this year? Over seven billion hours will be devoted to complying with the tax code.
Editor’s Note: There is great debate on many aspects of tax law. However, there is a general agreement by Americans from all walks of life that a tax code with 3.8 million words is too long and too complicated. When Congress turns its efforts toward major tax reform in 2013, it hopefully will be able to reduce the size and complexity. By working diligently, perhaps Congress might be able to reduce the Internal Revenue Code to only 3.7 million words.
Conclusion
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Filed under: Taxation | Tagged: Effective Tax Rates and Payments, Income taxes, IRS, Tax Facts for Taxpayers, The Tax Foundation |
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President and Vice President Release 2011 Tax Returns
Both President and Mrs. Obama and Vice President and Mrs. Biden have released their 2011 tax returns.
President and Mrs. Obama received income from his salary and book royalties. They deducted $49,000 from book royalties for a simplified employee pension contribution, leaving them with an adjusted gross income of $789,674.
The President and Mrs. Obama itemized deductions and their charitable gifts totaled $172,130. This is 21.8% of their adjusted gross income.
Their largest gift was $117,130 from book royalties to the Fisher House Foundation. This charity assists children of soldiers killed or wounded in Iraq or Afghanistan. Other gifts to the 40 listed charities included transfers to the Red Cross, the Boys and Girls Club, Habitat for Humanity, Sidwell Friends School and the United Negro College Fund.
Vice President and Mrs. Biden received both salary and a pension. Their adjusted gross income was $379,035. They also itemized deductions and reported charitable gifts of $5,540 or 1.5% of their adjusted gross income.
The 16 charities that were listed included the Diocese of Wilmington, Delaware, the Northern Virginia Community College Alumni Scholarship Fund and the World Food Program, USA. Mrs. Biden is a member of the faculty at the Northern Virginia Community College.
Source: Children’s Home Society of Florida Foundation
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