INTERESTING FACTS ABOUT TAX

If you are a businessman or shopkeeper then you have gone through the process of VAT registration in UAE. You would be familiar with those fake sites that are linked in “click this link now” on numerous sites of VAT. However, do you now some interesting facts about taxes. If no, then read below!

1. Tax is not English word. It is a Latin word that means “I estimate”.
2. USA had the first property tax in 1798. The tax was on homes, slaves and properties.
3. There is no tax on playing cards except Alabama. The residents of Alabama have to pay 10 cents of tax on playing cards.
4. Does everyone pay tax? No. 47 percent Americans had not paid income tax in 2012 alone.
5. If you think that your country has burdened you with so many taxes, you should read about Americans. Americans spend more than $27 billion in paying taxes annually.
6. More than 90 percent people do not pay taxes to their babysitters and cleaners.
7. If you live in England, you have to pay more tax on Color TV than black and white TV.
8. Chines Head Tax was created in 1880 by Canada.
9. The other name of sin taxes is excise taxes.
10. A blind person does not have to pay complete tax of his or her TV. The government charge him or her half of the tax.
11. Income tax gives too much stress but people of Texas, South Dakota, Alaska, Washington, Nevada, Wyoming and Florida do not have to go through this stress because these seven states do not have state income tax.
12. The rate of income tax was 94 percent in the US for top bracket in 1944.
13. If you are American and pay all taxes completely, you can vote in elections.
14. Although Bank of America has paid zero tax, it earns $4.4 billion every year.
15. All presidents of the US has shown their innocence by releasing their tax report except Donald Trump. He has not provided or released his tax report yet.
16. Strip clubs are required to pay pole tax in Texas.
17. Office of the Commissioner of Internal Revenue was the first US federal tax office. It was established in 1862.
18. Gabelle was the salt tax that was charged during French Revolution.

So these are 18 interesting facts about taxes. Tax is an important amount of money that we all have to pay to the government and sellers from whom we buy products.