Fun Facts For Tax Day

As the final ticks of the 2010 tax season draw near, we would like to draw our readers' attention to a short Yahoo! article on the state of the tax system in the US which includes a few 'fun' facts. Among others, it appears that nearly half of US households do not pay taxes at all, while there are apparently about $8,000 worth of tax credits per taxpayer written into the tax code. Such facts have not escaped observers on either side of the aisle, as it is very clear that a high amount of potential annual revenues are being lost to the myriad loopholes of the system.

Though this isn't a big (or at least not a widely discussed) problem when the wheels of the economy are properly greased, it becomes far more noticeable when federal revenues are struggling to keep up with the national debt burden, nevermind government expenditures. This isn't to say that there is an easy solution; indeed various segments of the political spectrum advocate as solutions everything from higher taxes to lower taxes to mere elimination of loopholes to national sales taxes and everything together and in between. However, despite well-reasoned disagreement on solutions, it is nonetheless becomingly increasingly clear that the status quo is at least one source of many of the nation's problems.

For more interesting tidbits on a system which (probably justifyingly) seems to face harsher scrutiny with each passing day, visit the Yahoo! article here.