Thursday, May 3, 2012

SOME TAX FACTS...

* The Obama's 2011 tax return reported adjusted gross income of $789,674. Their tax liability was $162,074, giving them an effective tax rate of 20.5%.

* The average tax refund on returns filed for 2011 was $2,983.

* For this tax filing season, the IRS had 5,000 fewer employees than it had a year ago.

* In 1995, 114,000 IRS employees processed 205 million tax returns. This year, 91,000 employees will process 236 million returns.

* The IRS must update its computers with each tax law change. Between 2000 and 2010, Congress made 4,428 changes to the tax code.