Google’s EU fines are more than its taxes

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Source

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Tax Statistics: 45% of Americans Pay No Federal Income Tax

We spotted this stat today:

“An estimated 45.3% of American households — roughly 77.5 million — will pay no federal individual income tax, according to data for the 2015 tax year from the Tax Policy Center, a nonpartisan Washington-based research group. (Note that this does not necessarily mean they won’t owe their states income tax.)”

Source

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$22.5 Billion: US Taxes Paid By Indian Technology Firms In FY 2011-15

We spotted this stat today –

“The Indian tech industry invested more than $2 billion in USA during FY 2011-13, has paid $22.5 billion in taxes during FY 2011-15 and supported 4,11,000 jobs in FY2015 directly or indirectly,” Commerce Minister Nirmala Sitharaman said in a written reply to Lok Sabha.

Read more at ET

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From ‘Wealthy’ To ‘Super Wealthy’, Income Tax Rate Goes DOWN

We had spotted several stats on the rich and income taxes – We spotted this stat today:

“But new data out this spring from the IRS gives us a closer look of how the income tax works at the pinnacle of the income distribution — not just the top 1 percent, or even the top 0.1 percent, but among the rarified realm of the 0.01 and even the 0.001 percent. Those latter two categories are new in the IRS report this year, reflecting a growing public interest in the ultra-wealthy and their effects on the economy.

The IRS found that as you go from being merely wealthy (the 1 percent) to super-duper wealthy (the 0.001 percent), your average federal income tax rate actually goes down.”

Source

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2.2 Mn People In The US Are Kept Out Of Poverty Due To The Tax System

Taxes are always tricky. The impact is even more trickier. We spotted this rather surprising statistic today, that the refundable tax credit system has had a very positive impact on poverty in the US overall: an estimated 2.1 million people in the US are kept out of poverty due to this tax system (Source)

We have written about this before: the solution to world poverty is in taxes. Look at this sad statistic: if the IRS could just somehow manage to collect taxes on under-reported income, it could help end world poverty 10 times over.

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‘Offshore Assets’ Tax Can End World Poverty Three Times Over

We started reading the report since we read something like ‘annual income of world’s 100 richest people enough to end world poverty four times over’ – but when we read the report, we spotted something else that we found very interesting: a lot of assets globally are ‘parked’ in offshore locations – some 32 trillion dollars or so. From the report:

“If these taxes assets were taxed according to capital gains taxes in different countries, they could yield at least $189 billion in additional tax revenues”

That would be enough to end world poverty three times over. That is right, just closing this one tax evasion loophole (offshore assets) can be so powerful.

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$758 Million: Fraudulent Tax Refunds Claimed By Prisoners In 2010

Okay, ‘The Shawshank Redemption’ had given IRS officials sufficient clues we thought – but fraudulent tax refunds claimed by prisoners are on the rise – we spotted this stat today, that the number has touched an all-time high of $758 million. (Source)

Some 35 million usds actually reached the prisoner’s hands. Solid numbers, these.

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Tax Statistics: The Top 1 Percent Paid 28.9 Percent In Federal Taxes

So after a while, these numbers get confusing. We had spotted some interesting stats in the past, on how much taxes do the rich pay? But that was based on 2008 data – the rich seem to have paid more taxes in 2009 – we spotted this stat today, that in 2009, the richest 1 percent of Americans paid 28.9 percent of their income in federal taxes (That includes income taxes, both individual and corporate, and payroll taxes.) Members of the middle class, defined as the middle fifth of households, paid 11.1 percent of their income in taxes. (Source)

Well that changes the way we had digested this stat earlier. A little.

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‘Harvard Is Really A Tax Free Hedge Fund’

Well, this argument has been made in the past – but we had never thought of Harvard this way really. But if you read the arguments, then that is what Harvard really is, a tax free hedge fund.

“Thus, over the last two decades, total tuition income (in current dollars) has increased from about $150 million to almost $250 million, with a substantial fraction of this list-price amount being discounted in the form of the university’s own financial aid to the families of its less wealthy students.

Meanwhile, during most of these years, Harvard’s own endowment has annually grown by five or ten or even twenty times that figure, rendering net tuition from those thousands of students a mere financial bagatelle, having almost no impact on the university’s cash-flow or balance-sheet position. If all the students disappeared tomorrow—or were forced to pay double their current tuition—the impact would be negligible compared to the crucial fluctuations in the mortgage-derivatives market or the international cost-of-funds index.”

Source: The American Conservative

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$4.4 Billion: What Replacing $1 Bills With Coins Would Save Taxpayers

Dollar bills need to be replaced every four to five years. Coins last much longer. That cost adds up. To big numbers. We spotted this stat today, that if you just do away with $1 bills and replace them with coins completely, you are looking at a saving of some 4.4 billion USD over the next 30 years (Source)

But people do not seem to like carrying coins. The U.S. Mint has produced 2.4 billion Presidential $1 coins in the last five years, but most are stored by the Federal Reserve. Production has also been suspended.

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