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8 Infuriating Facts To Remember On Tax Day

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For The Federalist,  writes:  Happy Tax Day, America! It’s not every day that you either get to write a big fat check to Uncle Sam or discover that you’d been loaning him money interest-free for the last year. But have no fear: at least your hard-earned money has been spent on vital projects essential to America’s well-being. Projects like studying shrimp running on treadmills (seriously, you paid for that), or Bridges to Nowhere. Super important stuff like that.

In honor of tax day, here are 8 facts that will make you even angrier than you already are about the state of the U.S. tax system.

1. It will take you 111 days this year just to pay off the government.

According to the Tax Foundation, a non-profit which compiles detailed tax statistics, it will take 111 days this year for American workers to collectively pay their tax bills. That means that every cent you earn throughout those first 111 days of the year gets collected and consumed by government. The Tax Foundation pegs Tax Freedom Day — the day on which the money you earn effectively belongs to you rather than America’s governmental bureaucracy — as April 21 this year. So as you sign your tax returns today, you can rest easy knowing that you’ll still need to work another 6 days before the American tax leviathan will be satisfied.

While millions of Americans continue to send back portions of their hard earned wages to Washington, many federal employees are tax cheats.

During the year of sweeping budget cuts, millions of federal employees faced layoffs, furloughs, and other cutbacks as a result of Congress’ failure to replace sequestration with responsible, targeted cuts. Most of these federal employees are responsible citizens who pay their taxes. Some, however, don’t feel they have to live by the rules like other Americans.

In 2011, the IRS found nearly 312,000 federal employees and retirees were delinquent on their federal income taxes, owing a total of $3.5 billion in unpaid federal income taxes. This represented an 11.5 percent increase in the number of federal employees failing to pay their taxes, and a 2.9 percent increase in the total taxes owed the Treasury by these public servants.

2. Those federal bureaucrats whose salaries you pay? A bunch of them are tax cheats.

According to an investigative report by Sen. Tom Coburn (R-Okla.), over 300,000 federal employees and retirees were delinquent on their own taxes to the tune of $3.5 billion:

While millions of Americans continue to send back portions of their hard earned wages to Washington, many federal employees are tax cheats. During the year of sweeping budget cuts, millions of federal employees faced layoffs, furloughs, and other cutbacks as a result of Congress’ failure to replace sequestration with responsible, targeted cuts. Most of these federal employees are responsible citizens who pay their taxes. Some, however, don’t feel they have to live by the rules like other Americans. In 2011, the IRS found nearly 312,000 federal employees and retirees were delinquent on their federal income taxes, owing a total of $3.5 billion in unpaid federal income taxes. This represented an 11.5 percent increase in the number of federal employees failing to pay their taxes, and a 2.9 percent increase in the total taxes owed the Treasury by these public servants.

3. You probably pay more in Medicare and Social Security taxes than you do in income taxes…

A lot of tax day commentary focuses on the income tax, but the vast majority of Americans — 80 percent or more — actually pay more in federal payroll taxes (the FICA line on your pay stub) than they do in federal income taxes. Those payroll taxes pay for Medicare and Social Security, the two largest federal entitlement programs.

2013 study from the Congressional Budget Office (CBO) found that each of the bottom four quintiles of income earners in America (the bottom 80 percent) pays a higher effective payroll tax rate than income tax rate. The middle quintile, for example, pays an average payroll tax rate of 8.3 percent and an average effective income tax rate of 1.6 percent. Only the top quintile pays a higher effective income tax rate than it does a payroll tax rate.

 

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[VIDEO] K-Street Cronyism Has its Own Action Figures: Meet The Kronies

Over at the CornerVeronique de Rugy has this treat:  Like every year, we can expect that bankers, farmers, green-energy providers, defense contractors, health insurers, and other protected industries will be among the winners of the agenda the president outlines in tomorrow night’s State Of Union Address. Well, now they have hot new toys to represent them and this very funny video to tell their story:

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