Terribly Taxing

tax codeThe Friday File: Americans spend 7.6 billion hours and $140 billion complying with the 5 million words in the ever changing and expanding US tax code and accompanying regulations. In 2013, the latest year for which data is available, 138.3 million taxpayers reported $9.03 trillion in AGI and paid $1.23 trillion in income taxes. The top 50% of taxpayers paid 97.2% of income taxes and earned 88.5% of AGI.

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